How much of a mortgage will i get on a salary of 50000?

Answer 1

It really depends there are so many products and programs available and unfortunately income is not the only determining factor. The question really is how much of a mortgage can you afford. As loan officers (which I am) we can only calculate what you can afford based on what we see on the credit report and your taxes and insurance. I always advise my borrowers to know their own financial threshold. I can get you whatever size mortgage your comfortable with.

Answer 2

I've always heard a rule of thumb to be 1 and 1/2 times the amount of the salary. In your case...$75,000.

However, salary is one simple factor in the home loan process. Of course, credit status is a very big player in the home lending game. Something called the "debt to income ratio" is going to come into play when a company extends a mortgage. This means how much monthly obligations (this is car payments, credit card minimum payments, etc.) added together and divided by your monthly income. Many companies will not lend if it is lower than a certain percentage (although they cannot refuse to help you apply.) But, of any kind of loan, there are more companies than any other to help people of all kinds of incomes and credit statuses to get a mortgage. Why? Because a mortgage is generally secured with collateral (the house) which will not lose the bank money in case of foreclosure and they have to take the house from the owner and sell it to recover their money.

The best thing I can advise is this: go to your bank or chosen mortgage lender and ask to be "pre-qualified." This means, they are going to take a look at your credit and income and tell you how much they will finance you for before you even start the home hunting process. This lets you know exactly how much payment to expect every month, which houses you will and will not be able to afford, and keeps people from getting their heart set on one home and not being able to afford it. Good luck!

Answer 3

It depends on your living expenses and how you chose to live. For example people can either save money or spend every pay check. I'm a graduate student and I bought a condo near my school --my mortgage is only $550 a month so its pretty doable on my salary. Basically your mortgage should not be more than 1/3 of your total take in (after taxes). Live within your means--you'll be more comfortable that way. Afterall, my parents who earn around $250,000 a year have a modest $150,000 house and they are able to do more with their money than if they bought a million dollar home and have to pay out of the wahzoo.

Answer 4

it depends on the bank or building society as to how much they will lend you. its can be anything from 3.25 x your salary of £50000.00. they will take into consideration any commitments you may currently have ie car loans credit cards etc. shop around. try having a look on travelsupermarket.com they are a comparison site so will show you lots of offers available

Answer 5

You can't go by just your salary. They go by how much you make a month, take a percentage of that, then take off your monthly payment (not including rent, utilities and food) and go by that to see how much of a payment you could make each month.

Answer 6

3 or 4 times your income so around 150 -200 k

Answer 7

Go to this website it has calculators on it. They will let you know how much you can afford. It also has reports with information about the different types of home loans. It is a cool site check it out.

http://www.freelansinghomeloantips.com/calculators.aspx

Answer 8

If you want to pay a lot a month the banks will give you 5 times = 250,000. If you don't you could have 3.5 times = 175,000.

Answer 9

A lot of it depends on your credit score and debt to income ratio.

Answer 10

used to be three times your salary so 150000 but some lenders are giving five times so 250000 hope this helps