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How Much House Can You Afford? If you are interested in buying a home, it is a good idea to get preapproved for your mortgage. It will save a lot of time and aggravation. But how much house can you afford? To arrive at an “affordable” home price, you should follow the guidelines of most lenders. This means, your total debt payments should be no more than 36% of your gross income. Why do lenders use this guideline? It’s been shown to be a level of debt that most borrowers can comfortably repay. For your income, you can consider all wages, monies from investments, dividends, alimony and any other money you earn. Then, you need to examine all of your debts. Debts include: credit cards, student loans, car payment, alimony paid out and any other debts you have. Also, you must include any savings you may want to save for…
Your Henderson Mortgage Broker , Questions to Be Prepared For You have decided to buy a home! Congratulations! Here are some things your mortgage lender will be discussing with you so be prepared! Employment and Income – your lender will want to know where you work, for how long and how much you make. They will also want to know what type of work you do and how long you have done the same type of work. They will also be interested in knowing if you have a steady paycheck or get paid contractually or some other way. They will be looking for about a year or two of income proof. You will have to provide at least 90 days of check stubs, copies of checks, paid contractor invoices, child support proof or alimony proof. Your assets – How much money do you have on hand and available to…
