how much mortgage can i afford?
813842
How much debt do you have and how much money do you make???
34339
Nothing in life that is worth anything is easy, but, if you earn twice the amount your payment would be on a mortgage, then this will make it fairly easy.\n\nStep 1) talk to your morgage broker and get prequalified for a 30 year fixed (Key word Fixed) rate with no money down. Use the money you have saved as working capital. 200,000 should be about 1400 a month + pmi + bs = roughly 1600 or so.\n\nIf you can handle this, then go for it\n\nI did it \n\n I bought a condo for 89,000 on this type of loan, and it wasn't that hard. I was a waiter 21 years old. Don't ask me what I just sold it for.\n\nGood luck ps if you are talking about whether or not the bank likes doing this, they love it. THey would buy you dinner and a beer to get you to do it. If you have a 660 score or above Caveat Caveat
860571
Yes if you pay monthly rent or mortgage payment then that is the amount you would use.
958572
With that income you could certainly afford that house.  Do you mean what income would you need to afford that house?   Usually, if you earn a middle income sort of salary, a bank prefers if your mortgage payment is no more than 25% of your monthly income.\n\nThese links will help you figure out the mortgage you could afford with different incomes.
295967
Another simple way to address this is to get a normal mortgage (fixed/30yr) and make certain that there are NO PREPAYMENT PENALTIES.\n As long as you make the monthly payments, you can pay it off at your speed.
467046
Not a problem:\nhttp://www.mortgage-calc.com/\n\nQuick, easy calculator
953478
work with a realtor and they will find you the deal...but first, get pre=approved for a loan so you will know how much you can afford.  remember that 28% of your salary is all you can get financed for (in most cases)  chekc out american dream, they make down payment loans to 1stt time buyers
1101924
Ok here goes.  Get a paper and pencil and make a list:\nRent\nUtilities (Elec &/or gas)\nFood (a biggie, don't short yourself!)\nPhone (optional)\nTV/Cable (optional)\nParking (if applicable)\nInsurance (for your car, if applicable)\nAny Payments (car, etc. that may be applicable)\nNow, fill in the projected amounts, based on apartments you have looked at, questions about average utility payments, etc.  Now, talley it up and compare it against your (projected) income.  This will tell you A0. if you can make it, B. what your limitations are, and C. what you can afford as far as housing goes.
958647
Most lenders look at you in terms of DTI when considering if you can afford a house. Your DTI is debt to income ratio. Going with a "conventional" mortgage program requires that your DTI is less than or equal to 38%. This means that your total mortgage payment per month can be no greater that 38% of your total monthly income. Sub-prime lenders allow you to go up to 55% depending on the total amount down.\n\n$33,000 per year puts your GROSS monthly income at $2750 per month. Per sub-prime standards, you COULD take out a mortgage with monthly payments at $1375 per month, IF you have no other debts! If you have anything you are paying on right now (car note, credit card debts, student loans, etc.) those come out of the gross monthly salary as well. \n\nYour best bet is to talk to a trained mortgage professional to see what your options are, get yourself pre-qualified for a loan then go on a house hunt! It is possible if you just look into your options!!
907399
you may have to go to a sub prime lender and pay a slightly higher interest rate.\n\ni would visit a mortgage broker, sit and go through it with them, they will recognise the best deal for you.
418660
That is about right, but look for a little more than 10K. It varys from state to state, and from bank to bank. Don't be afraid to ask your lender. Infact, when you get prequalified they should give you an estimate on your closing costs including home inspections and other misc things.
1024641
I live in Fort Lauderdale and I can tell you that to buy a nice 3/2 or 4/2 in a nice neighborhood you should be ready to spend $250,000 and over.  You next issues will be homeowners insurance and property taxes.  Homeowners insurance on a $250,000 home can run around $3000/year and property taxes over $3000 as well.\n\nSo....if you run the numbers on a mortgage with these figures you can see that you should allocate in excess of $2000 month per month for just you mortgage payment.
1034946
To be honest there is no set amount, but I can advise this off of what I have read this past year. Think about your bills right now. then think about what you own and what you are still paying off. Then think how much you make. Gets so numbers written down.  If you are struggling base of what you makin not then your not ready to retire.  You want to be able to cover all the cost of your bills for as long as your not work. There is no one set number. Just the more you have the better.
507226
im not familiar with get a home loan net- make sure they are a responsible lender-sanctioned by your state dept of banking and ins. or something like that--now-to answer your ?--4% fixed for a 15 yr loan is excellent-- make sure there are no loan origination fees, or hidden fees- a 1% origination fee could be common, yet that is 1,000 on a 100K loan--you are 25 now-your home would be free and clear by age 40--very good idea- only if you plan on marriage and a large family with lots of other obligations would a 30 yr mtg have some appeal as the payments would be lower, yet the rate would be higher- the 4% rate is because it is a 15 yr loan !! take the deal and run as long as the company issuing the mortgage is reputable !! i am a retired CPA & CFP ( certified financial planner)
740691
The general rule of thumb is monthly house payment (principal, interest, insurance and taxes) should be no more than 28% of gross income and total monthly debt payments should be no more than 36% of gross income.\n\nPS.  FYI I work for one of the largest mortgage companies in the US and we use this formula along with other considerations.
769918
Apparently some mortgages are now based on affordability, ie you show them what all your outogings are and they assess what you could comfortably pay. So if you're single and don't have children, you might be given more. Also if you have no other debts this will help too.
643190
Depends on how much you are needing. Second mortgage on the house maybe (if you have one). Anything of value. Is your vehicle paid off? Just shop around. You can find a good deal with some shopping. Just remember, if it sounds too good to be true...it always is.