Deciding What You Can Afford in a House
Posted by admin in Real Estate
13Oct
BusinessWeek looked recently at the decision making process for figuring out how much house you can afford to buy.
While the National Association of Realtors Housing Affordability Index (that we talked about last time) assumes that with 20% down, you’ll need 25% of monthly household income to cover your mortgage, real estate taxes, and insurance—the banks start out by being slightly more generous. Most banks lend at favorable rates if monthly costs are around 28% of income. They call this the “housing expense to income ratio.”
The article provides a number of tools for helping you decide exactly how much you can afford to spend.
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