How Much Mortgage Can I Afford? – I think affordability-much like many things in life-is a state of mind. The person who can best determine how much you can afford for a mortgage is YOU.
However, obviously we have to have some parameters in place to determine the qualifying for the mortgage. So we use things such as your income, how much personal debt you’re carrying, your credit history, interest rate for the mortgage you are applying for, length of the amortization, how much are the property taxes, condo fees if applicable.
Now what it doesn’t factor in, is your lifestyle.and you are the best person to determine what you can afford for a mortgage.
Now, let me go a little further into that. WE are very careful to ensure that our customers are not buying a home at the farthest end of their affordability.
In today’s uncertain and volatile markets, and the fact that we are in an environment of record low interest rates, it is really really important that our customers are protected against the inevitable payment shock as interest rates rise. To find out more information about that, please feel free to contact us.
Thank you for watching.