How much can you afford? - Citizens Bank

How much can you afford?

There are many financial factors that apply when you consider owning a home. Ask yourself:

1. How much can I afford? 1. how big of a mortgage may I qualify for? [see left sidebar] 2. what would my monthly payments be? [go to calculator] 3. how would that compare to renting in the same area [how to compare] 4. what do houses cost in the neighborhood where I want to live? [see right sidebar] 5. What is my budget? [download a sample budget | Excel format]

2. What type of assistance is available for me? 1. What type of government assistance programs could I qualify for? [find out] 2. Could Habitat for Humanity be for me? [find out] 3. what about repossessed homes? Could they be a good move? [find out]

3. How is my credit? [find out] 1. What is credit? 2. How do I check my credit score? 3. If it isn't so great, how can I improve it? 4. Can I still own a home while improving my credit? 5. Will my credit affect the loan amount I'm eligible for?

4. What other money questions will lenders ask me? [find out] 1. Income vs. expenses 2. Down payment 3. Borrower history 4. Closing cost 5. Employment History

Copyright 2004 Mortgage Bankers Association. Information provided with the permission of Mortgage Bankers Association. For more information please visit .

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