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Can You Afford a Mortgage Payment?

It’s important to make sure you can afford a home, before purchasing one.

While a lender will scrutinize your income and assets and your debts, they often don’t look at other costs of daily life.

That’s why buyers should make sure they’re factoring into their budget things like utility and phone bills, childcare costs, medical expenses, and other necessities.

“Look at what your potential budget is going to be to buy that home and what payment you’ll be comfortable with,” said Ralph DiBugnara, a regional vice president at New American Funding. He is based in Edgewater, N.J.

“You need to lay out your budget and what all of your expenses are and could be in the future,” said DiBugnara.

Ralph DiBugnara NMLS # 19269