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We’ve all been window shopping before. Looking for a home is no different. Sometimes we get caught up in the moment and get excited to see lavish photos of brilliant homes sitting on the Colorado frontier. But before any of us ever get serious about buying a house, we always ask ourselves one question: “Can I afford it?” It’s one of the most common questions in real estate, and though the price tag seems cut and dry, there’s a lot of math involved.

Below, you can learn what mortgage lenders look for when determining a loan amount, but I’ll also share some quick information on how to calculate your home affordability level. It’s important to do a little math on your own, because you know your situation better than anyone — and you’ll know what level you’ll be comfortable at.

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What Mortgage Lenders Look At

Your mortgage loan amount will show you how much home you can afford to buy (from a lender’s standpoint). To understand how they determine this figure, here are some factors they calculate into their formula:



Credit History:


The mortgage lender will look at your credit score and view your history. It serves as a track record — showing them that you can pay bills regularly. In addition, they’ll pay attention to your score (similar to that of a graded test)...


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