Budget Backwards checklist
Questions to ask a lender
The short version
A lender's maximum is not the same as your comfortable payment. Ask how the lender calculated what you qualify for, then compare it with the budget you built here.
Last reviewed against the primary sources listed below.
How the maximum is set
- Which monthly debts did you count, and which did you leave out?
- What debt-to-income limit applies to this loan?
- Did you include taxes, insurance and dues in the qualifying payment?
Cash needed
- How much cash will I need at closing, in total?
- Do I need reserves after closing, and how much?
Changes
- What could change the amount I qualify for before closing?
How to use the answers
If the lender's number is higher than your budget, use your own budget to set your price range.