One of the first steps in the home-buying process is determining your buying power. If you’re like over 90% of home buyers, this means figuring out how much you can afford for a down payment and the amount you can finance in a mortgage.

Why do this upfront? Knowing what you can afford and selecting the best financing in advance not only saves you time, but allows you to submit a strong, competitive offer when you find the home of your dreams.

A mortgage lender will consider your income, debt and credit history when qualifying you for a loan. Monthly mortgage payments include the principal and interest on the mortgage loan, property taxes and homeowners’ insurance premium. This is often referred to as "P.I.T.I." Additionally, depending on your down payment you may need to include a mortgage insurance premium and depending on the community, possibly a homeowner association fee.

If you want to do a little calculating on your own, here are a few tools to get you started.

HUFF REALTY MORTGAGE

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