You are looking to buy your first house and can only afford a monthly payment of $2,500 (based on your family budget), you are prequalified for a 30 yr (360 payments) mortgage at a rate of 6%. The house you are really interested to buy is selling for $450,000.
Based on your knowledge of the course, Can you afford to buy this house and be qualified for a mortgage loan of $450,000?
If not, What is the maximum amount of loan you can qualify for?