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To help get you started on your decision as whether now is the right time to buy or not, here are some great financial calculator tools. They''ll help you figure out "affordability", loan amounts, whether or not you might qualify for a mortgage, etc. But remember, this is just for starters. When you're completing the form, where it asks for monthly insurance, this is for your estimated homeowner's insurance, not your health or other insurance. And where it asks for monthly debt, this would include things like credit cards, student loans, car payments, etc. Lenders consider these your "fixed debt" when they calculate your qualifying ratios. If you are considering the purchase of a home that would have a homeowner's association, remember their monthly fee needs to be included in your figures as well. There is no specific place on the calculator grid for entering "association fee", so I'd suggest simply adding them to one of the other fields, perhaps adding the amount to that for your homeowner's insurance figure. The form assumes such numbers as Annual Totals, so if you do need to enter Association Fees, be sure to figure the annual total and add it to your annual homeowner's insurance figure. Not a perfect solution....but it works just fine. Fill out the fields below, and then hit Calculate Now. To see the results of each calculation, click on each individual tab. You can even email yourself a copy of each calculation. Simply click the "Receive this Detailed Analyses" link.
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