Lenders may provide different rates.This rate should only be used as reference.
Please input what percentage of your income that you are comfortable with spending towards your mortgage. To qualify for a mortgage, the DTI should be 36% or lower.
With a debt-to-income ratio under 36%,you can get a great home with some cash left for savings,
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MORE THAN A LOWER RATE
over the life of the loan
Step to Estimate What You Can Afford
Step 1.Creat your financial profile
A high-level understanding of your financial situation starts with knowing…
• Your total pre-tax household income
• Remaining balance on any existing loans (student, auto, or others)
• Total credit card debt
• Your credit score
• How much you have saved for your down payment
Step 2.Calculate other homeowner's expenses
When making a big change to your living situation, your monthly expenses for housing can ﬂuctuate even if your mortgage payment stays the same (though that's unlikely). And it's not chump change: the average homeowner pays over $6,000 a year for unavoidable expenses related to:
• Utility bills
• Maintenance & Repairs
• Housing association fees
Step 3.Factor in other major expenses
Any good mortgage provider (and they're not all created equal) will need to know more about your financial situation than just the basics. Here are a few categories of expenses that could impact your housing budget:
• Monthly expenses: Regular expenses like cable, electricity, child care, health insurance, and house cleaning should be included in your budget.
• Lifestyle funding: Whether you're a foodie, shopaholic, Crossfit junkie, or travel addict, acknowledge what's important in your lifestyle and plan for these costs.
• Contributions to savings: Identify your long-term savings goals (for retirement, college funds, etc.) and how much you want to put away each month.
• Milestones & changes: Do you want to have kids? Are you hoping to start your own business? While life can surprise you with unexpected twists, there are some major changes you can (try to) anticipate