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Mortgages 101, 3rd Edition by David Reed

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CHAPTER 2

How to Know How Much Home to Buy

Knowing how much home to buy is just as important to you as it will be to the lender. Lenders have a comfort range of how much your house payments can be, based upon current interest rates and the amount of money you want to borrow. On the other hand, what is important to you simply might be what you feel comfortable paying every month.

2.1 HOW DO I KNOW HOW MUCH I CAN BORROW?

That depends on a variety of factors, but the most common answer is that your debt ratios are in line with lending guidelines. But it may also be more than that. It may just be the amount that you feel comfortable with. Often when ...

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