Are there any financial guidelines or rules to know what kind of house we can afford to buy?
2006-06-12 04:50:29 · 7 answers · asked by Belindita 5 in Business & Finance ➔ Renting & Real Estate
we live in Indiana, USA
2006-06-12 07:45:42 · update #1
http://www.ginniemae.gov/2_prequal/intro_questions.asp?Section=YPTH
Do this calculator and it will tell you.
2006-06-12 04:53:54 · answer #1 · answered by WiserAngel 6 · 3⤊ 1⤋
A realistic way to figure this out and not get yourself into financial trouble is 1.5 times your gross annual salary equals your mortgage. This will ensure that you have enough left to pay your monthly utility bills, homeowners insurance, car insurance,buy groceries, etc. There are many, many loan officers & mortgage brokers out there who are willing to over finance people these days. That is why there are so many foreclosures happening.
2006-06-12 04:59:15 · answer #2 · answered by Sharingan 6 · 0⤊ 0⤋
If you have decent credit and you have no down payment from a sale of a previous home or other source, you can probably afford about 3 times your pre-tax salary (doesn't mean you should buy that much).
2006-06-12 04:53:23 · answer #3 · answered by TheOnlyBeldin 7 · 0⤊ 0⤋
Check out this tool on MortagageIT.com. It'll ask you to enter a few numbers, like income, debt, etc and spit out what you can afford it terms of property value.
http://mortgageit.com/Calculator/Default.aspx
2006-06-12 04:55:04 · answer #4 · answered by Halo 5 · 0⤊ 0⤋
My mortgage officer old me 3x your annual household income-
2006-06-12 04:53:05 · answer #5 · answered by Rae 3 · 0⤊ 0⤋
yes
there are mortgage calculators all over the internet!
2006-06-12 04:52:40 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Are you looking for a lender and what state are you in
2006-06-12 04:53:36 · answer #7 · answered by ngokussj5 1 · 0⤊ 0⤋