Shopping for a home can be an exciting time in ones life. There are so many things to consider; how many rooms, how many bathrooms, the neighborhood and the school district. However, perhaps the most important consideration is how much house one can afford. The general rule of thumb is that most homeowners can afford a mortgage loan that is 2-2.5 times their gross income. This means a family with a household income of $100,000 could probably afford a $200,000-$250,000 home. …
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