Before applying for a mortgage, it is recommended you look for the best lender in the city. It is important to note that every lender is different, so some lenders are better than others. To identify the best lender for your needs, you have to use a mortgage finance calculator. This is a web-based calculator that can help consumers make informed decisions. You can use this tool to compare different mortgage products to identify the right one for your needs. By simply entering the listed price of a property, the interest rate charged and term of the loan in years, you can determine how much you will be required to pay every month.
If you want to know how much you can afford to borrow, you only need to enter the term of the loan, the interest rate charged and the monthly payment you can afford to pay comfortably. This will give you the maximum property price you can tolerate.