They'll run you through a series of questions and eventually tell you how much you qualify for. This usually includes a credit check, so depending on your credit you may not qualify for the theoretical maximum. They can do this over the phone and it doesn't take long, maybe 10-15 minutes.
The lender sets the amount because banks don't like repossessions. It's not really what YOU can afford, it's what they've found the general populace can afford. And I do have to say their numbers are pretty much right on. Living in a house is a lot more expensive than apartment living. In my area, it is NOT cheaper to buy than to rent unless you're buying a house in Ye Olde Crack Projects, and cost of living is pretty low here, so you might need to do some more investigating on what your true payments would end up to be.
Good luck!! I'll keep my fingers crossed for you. It is so wonderful having a place of your own.
-------------------- jen
"It's one of the most serious things that can possibly happen to one in a battle -- to get one's head cut off." -- LC
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Go to your bank and get pre-approved
