When buying a home, it is helpful to determine the type of home you’ll like and how much you can afford before beginning your search. There are several factors that can affect the amount of your loan, as well as the interest rate on your loan. These include:
- current household income
- outstanding debt levels
- current savings
- current interest rates
When determining the amount of a mortgage that you and your family will feel comfortable carrying, you will want to determine your ability to repay the mortgage and how much excess income will be left over for unexpected occurances such as house repairs. It isn’t always advised to take the maximum mortgage that you qualify for, but by consulting a mortgage professional you can determine the proper course of action.
Only a qualified mortgage professional can help navigate you through all of your options and suggest the most appropriate mortgage for your individual situation. Just like searching for a home that is just right for you, the right mortgage is waiting as well!
Request help with determining the right mortgage for you today!