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		Deanne Katsaros Mortgage Mom Greentree Mortgage Co LP Phone: (609) 605-7153 CO NMLS ID # 16128 NMLS : ID #143589 deanne@mortgagemom.net www.mortgagemom.net

July 2019 June 2019 May 2019 April 2019 March 2019 February 2019 January 2019		Determine How Much House You Can Afford It can be quite exciting to think about buying a new home. You dream of where you want to live and the features you want in your house. However, the biggest discussion you need to have is, "How much house can I afford?" You need to be sure you can make the monthly payments and that your income and lifestyle are attractive to a lender. In addition, you must be able to budget for maintenance of the home, insurance, and emergency repairs. Let's take a look at ways to calculate how much house you can actually afford. Multiply your annual income by three. This is a basic rule of thumb to help calculate the total overall amount of house you can afford. If you make $200,000 annually and multiply that by three, you can afford a home that is approximately $600,000. Know your credit score. The higher your credit score, the lower your interest rate will be, which can give you a higher home value on your income. Understand the 28% Ratio. This is the housing expense-to-income ratio. Take your projected housing expenses and divide by your monthly income. Lenders and mortgage companies like to see a ratio of 28% or less. Know the 36% Rule. This is the debt-to-income ratio. Now lenders will look at your student loans, car payments, credit cards, and other debt and divide that by your monthly income. If that ratio is over 36%, lenders are less likely to give you a loan. These are basic calculations you can do yourself just so you can know the approximate amount you can afford. Speak with a mortgage broker for further details and information. Source: Doughroller.net If you or anyone you know has questions about home loan rates or products, please reach out. I'm always happy to help. Enjoy this month's issue of YOU Magazine.

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