These two worksheets help you determine how much you can afford
to pay for a house. This includes noting your monthly income
and expenses as well as your net worth. Organizing your information
this way can also help you prepare for a mortgage application or
arrange for private financing.
Be sure to read the detailed instructions for line-by-line help
on completing the worksheets.
Important to Know
- Don't list incorrect or incomplete information on your
statement -- a lender will usually find out the truth. In
addition, it's better to take the time to clean up a bad or
erroneous credit file before house hunting.
- Once you've done the basic calculations and completed your
financial statement, you can ask your lender for a "pre-approval
letter," saying you're able to purchase a loan up to the maximum
amount.
