How Much Can I Afford?
Understanding how much home you can afford will help you in your home search. Mortgage lenders typically recommend that your monthly mortgage payment, (inclusive of principal, interest, real estate taxes and homeowners insurance) should not exceed 28% of your gross monthly income. However, this percentage can change based on the type of mortgage you choose and other factors. That is why it is important to be prequalified before you begin your home search.
You should also factor in your other debts when determining an affordable monthly payment. Mortgage lenders will look at your total debt, which includes credit cards, student loans, alimony, child support, car loans and housing expenses.
Meet Fernando Perez
For the last 8 years, Fernando and I have been able to assist many families obtain financing, many of them for the first time, and experience the joy of home ownership.
Everyone’s story is different, so no one loan will fit everyone’s needs. Fernando’s job is to find that perfect fit. Buying a home is the single most important investment we make. Although it can seem intimidating, Fernando is dedicated to making the process of purchasing a home, a positive and rewarding experience for you, and he welcomes the opportunity to earn your business and your trust.
