Final answer:
To determine how much home you can afford to purchase, you should not consider possible future raises you will receive. Instead, consider finding a mortgage calculator, looking at your financial statements, and consulting a loan officer.
Step-by-step explanation:
To determine how much home you can afford to purchase, you should not consider possible future raises you will receive. When determining how much home you can afford, it is important to base your calculations on your current financial situation and not rely on potential future increases in income. Future raises are uncertain and may not materialize, so it is best to be conservative in your calculations.
Instead, you should consider finding a good Internet page that has a mortgage calculator, looking at your budget, balance sheet, and income statement, and consulting a loan officer. These steps will help you evaluate your financial situation, calculate your monthly mortgage payments, and determine a realistic price range for your home purchase.