Topic: Can I Afford To Buy A House? (
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Re: Can I Afford To Buy A House?
One of of the first thins the bank looks at is your debt to income ratio
Debt to Income ratio measures how much you can borrow based on your proposed mortgage payments, property taxes and insurance in relation to your total monthly income.
Lenders experience shows that you may borrow from 33% to 40% of your monthly income
If you would like to get a better idea of how much you can afford try using a mortgage calculator
here is a link to a mortgage calculator
http://www.kalkil.com/l-mortgage-calculator.php
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