![]() ![]() Keep in mind that this is a general guideline and you need to look at additional factors when determining how much you can afford such as your lifestyle.įirst, your lender will determine what it thinks you can afford based on your income, debts, assets, and liabilities. For instance, if you earn $80,000 a year, you can afford a mortgage from $160,000 to $200,000. In general, homeowners can afford a mortgage that’s two to two-and-a-half times their annual gross income. The lower your DTI, the less risky you will appear to the lender, which will be reflected in a lower interest rate. Usually, lenders don't want a DTI of 43% or higher, as that may indicate that you may have challenges meeting your monthly obligations as a borrower. ![]()
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