A: Lenders use various factors to determine your borrowing capacity, including your income, debts, assets, and credit history. A mortgage calculator can provide an estimate of your monthly mortgage payment based on the loan amount, interest rate, and loan term. It’s important to factor in not only the principal and interest payments but also additional expenses such as property taxes, homeowners insurance, and private mortgage insurance (PMI), if applicable.
Q: What are the steps involved in the mortgage application process?
A: The mortgage application process typically involves the following steps:
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