are online mortgage calculators that tell you “how much can you afford” accurate?

Deal Score0

My monthly income is 5500 before taxes. I have no debt (i even own my car) and I have 20k to put down and it is telling me that I can only get a loan on 200k house????? I know a friend of mind who makes less than I do who got a loan for 300k just last year. What is the deal.
oh, and my credit score is 730

  1. Reply
    February 1, 2011 at 10:49 pm

    no you can go to 350k if you want to but do you want to go that high. I always recommend that you buy less so you can have a life not just a mortgage
    I am a mortgage banker in TN & KY

  2. Reply
    educated guess
    February 1, 2011 at 10:58 pm

    They are as “accurate” as the information you enter into them…

  3. Reply
    February 1, 2011 at 11:00 pm

    So did many others and thats why we see soooo many homes in foreclosure right now.

  4. Reply
    February 1, 2011 at 11:50 pm

    To be honest, if the calculator says you can afford 200k, in reality it’s probably 150k. They overinflate the numbers in the hopes that you’ll go in and try to get a loan.

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