This is my first home and I am really scared I will not be able to afford it. What can I do to be sure I am getting the lowest payment possible for the mortgage?
Thank you for stopping by my site and asking a question.
I understand your fear. I remember when buying my first house the biggest fear I had was "Can I Afford This?"
First of all, keep in mind that your lender would not take any chances that you could not afford the house. They use a DTI (Dept To Income) formula which helps them and you know how much you can afford.
They will figure the monthly payment with PITI (Principal, Interest, Taxes and Insurance) which is most cases would be around 28% of your monthly gross income.
To help you figure how this works, why not visit one of my mortgage calculator pages that you can play with. Click here for Mortgage Qualification Calculator and use it to figure out how much you can afford.
It will ask you for income, monthly debts and some other info that can help you find out really fast.