Home finance calculator4/29/2023 ![]() Here are the main things they review to determine how much you can borrow: When you apply for a mortgage to buy a home, lenders will closely review your finances, asking you to share bank statements, pay stubs, and other documents. Learn more: Your Mortgage Payment, Explained Mortgage insurance:If your down payment is less than 20% of the cost of your house, many lenders will require you to pay an additional fee called private mortgage insurance, or PMI. HOA fees:If your home is part of a homeowners association, you may be required to pay a fee for maintenance or other services the HOA provides. In addition to these costs, your house payment might also include these expenses: ![]() Insurance:Most mortgage lenders will require you to purchase home insurance to protect your property from damage, theft, and other accidents. Here’s more on how to calculate property taxes. You can typically find an estimate of the property taxes you can expect to pay on real estate listings. Taxes:Property taxes-what you pay the government for services such as public roadways and schools-are often included in mortgage payments.
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