What Can You Afford?

How Much House Can You Afford?

Determining how much home you can afford, or what payment you feel comfortable with, can be a trying process. Calling lenders, looking at mortgage loan programs and interest rates can be confusing, to say the least. There is an easy way to get started, and give yourself an idea of where you stand.

Image: What Ever Home Buyer Should Know

The first step is to find out what mortgage interest rates are at the current time. You can typically do this with a couple of phone calls to lenders or some quick searching on the internet. Get your rates on conventional fixed rate loans.

To obtain a very clear picture of how much home you can actually qualify for, the best idea is to contact a reputable local lender and let them analyze your entire situation. The lender can calculate your income-to-debt ratio, do a quick credit score and give you the information you need. Typically, lenders like to see a ratio not exceeding about 28%. This does not take into consideration long term monthly debt. As an example, to qualify for a loan, lenders may require ratios of 28% or 36%. This means you can spend up to 28% of your gross monthly income on a motgage payment, and no more than 36% of your gross monthly income on all forms of debt, mortgage included.

We work with a number of loan officers and would be happy to recommend one right for you. Click here to contact us today. We are happy to help!

Dont Miss a New Listing Again!

Already registered? Login
FREE AUTOMATED EMAIL UPDATES
Sign in to take advantage of all this site has to offer. Save your favorite listings and searches – also receive email updates when listings you like come on the market for free!

*Contact Information NOT Shared*


Rentals? Property Management?

Click Here

agent photo
The Plyler Team
EXIT Realty In Touch

3315-B N. Valdosta Road
Valdosta, GA 31602
Office: (229) 333-5105
Scott: (229) 460-4411
Fax: (229) 333-1945
Contact Us
www.ValdostaHomeFinder.com
 

Quick Search


view all


Any

Any

No Min.

No Max.

Your Real Estate Question















n/a

n/a










* fields are required