Asked by A-Day, Austin, TX • Sat Apr 4, 2009
I am an Austin-area teacher and my husband is a nursing student who works part time. We net about $40,000 annually.
Currently, we have about $10,000 saved for a down payment and have good credit history. Niether of us has ever owned a home before.
We probably could not afford to pay more that $1,100 per month for our housing (we comfortably pay $1,000 in rent at the moment).
Between closing costs, PMI, home insurance, taxes, etc. what price should we be looking at for homes? I have been looking at homes in the $150,000 range, but worry that I am looking at more than I can afford. I've looked at mortgage calculators, but I want advice from a living being.
Also, is it wise to get pre-approved before you get a real estate agent and start looking?
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