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Debra Said:

Estimate the affordable mortgage and the affordable purchase price for the Bergholts? Please help if you can.

We Answered:

Thank you for setting out the parameters so well here. There are a few things that I would need to know to know if a better option is available to them.

Given what you've put here, the family you're talking about should be able to see a better loan (fixed rate for example) and lower loan costs (fewer points to pay) from most lenders or brokers. A lot depends on their credit histories. Since they only have 1 item of debt, one concern would be if they have enough trade lines (sources of credit available to them right now) to qualify. Most lenders require 3. If they have open credit cards that carry no balance, that works great.

If all things that aren't mentioned here are as well planned as the items you have listed, they should qualify quite easily and for better terms.