Knowing what you can afford for your mortgage

Knowing how much you can afford for your mortgage is very important before you begin your home search.

Freddie Mac says that as a general guide, your monthly mortgage payment should be less than or equal to a percentage of your income, usually about a quarter of your gross monthly income.  Also, your income debt and credit history go into determining how mcuh you can borrow.  As a general rule, your debt,credit card bills, car loans, housing expenses, alimony and child support should not be mroe than about 30-40 percent of your gross income.

Mike Stark

Mike Stark

Associate Broker
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