Asked by Al Patel, 30004 • Sat Aug 20, 2011
I am in the market to upgarde to a large home. I current home is underwater and my credit is very good (750 ) with no missed payments on the mortgage. My current mortgage (1,400) and student loan (200) are my only obligations. When I use this info and 60K down (20%) in a "how much home can I afford" calculator (there is no place for current mortgage so I include it as other obligations), I get back a number that will let me buy the larger home. Using the mortgage calculator I can afford both mortgages, but will the bank see it differently? I don't want to waste my time looking at new homes if in the end I won't be able to get a mortgage.
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