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The most asked question a first time homebuyer will have is "How much of a house can I afford?" A pre-approval from a loan officer can help determine the highest house price you can afford based on your income and monthly debts, but the highest price is not always the best route to go. Most people see fluctuations in property taxes and homeowners insurance after the first year of mortgage payments. If you max out your monthly housing payments, and these costs go up, you find yourself having less income to pay for the other things in life. We have a monthly expense worksheet that I like to send my first time home buyers, so they can get a good idea of what their expenses look like and what their residual income would be after purchasing a home. I think it is important for homeowners to still be able to save money, after purchasing their first home. Don't forget to RSVP to our First time homebuyer class on September 7th! #mortgage #preapproval #loanofficer #firsttimehomebuyer #budget #Monthlysurvivalnumber #interestrates