2007-03-10 11:22:16 · 3 answers · asked by Chris S 2 in Business & Finance ➔ Renting & Real Estate
Your mortgage lender can help you make this decision by looking at your gross income(pre tax) and total bills. Include your lender early because they are the ones who'll decide the maximum amount. You can always purchase a smaller amount.
2007-03-10 11:25:17 · answer #1 · answered by Venita Peyton 6 · 0⤊ 0⤋
What you want to do to figure out how expensive of a house you can afford is to add up all of your monthly payments and your estimated housing payment. All of that should be less than or equal to 50% of your monthly income. If you need help figuring it out you can e-mail me. I've been in the mortgage industry for many years and would be happy to help.
2007-03-10 14:07:52 · answer #2 · answered by Amber J 2 · 0⤊ 0⤋
They do look at gross income which is fairly unrealistic. They usually don't look at your utility. cable or other bills either. That means most people receive a quote for a home that is quite a bit more than what they can actually afford.
2007-03-10 14:09:35 · answer #3 · answered by AnaBoo 2 · 0⤊ 0⤋