Research the Market Before
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Know What You Can Afford before You Buy
The calculator below should at least help you build a good initial estimate of what you can afford based on current mortgage rates and your available down payment.
For a realistic sense of the level of monthly mortgage you would likely be approved for, you should assume a typical 36% debt to income ratio which most lenders use as a starting benchmark. This means that your total monthly debt inclusive of mortgage, credit cards, as well as other home related costs such as taxes and insurance should not be more than 36% of your total gross monthly income. |