WHAT IS MY MAX:

WHAT IS THE MAX I WOULD BE QUALIFIED FOR?

When trying to determine the maximum mortgage you can buy, there are a few factors that will play a role in determining this. Some of these include the type of property you are buying, your income and credit score, and any existing debts or obligations you may have.

Generally speaking, lenders will look at two factors when determining how much mortgage you can afford: your total monthly housing costs, and your debt-to-income ratio. Mortgage payments typically make up a large portion of this total cost, so it is important to keep your housing expenses as low as possible.

A BETTER QUESTION IS “WHAT CAN YOU AFFORD?”

If you have a high income and good credit score, you may be able to qualify for a larger mortgage. However, it is also important to consider your other debts and obligations, as well as any other financial commitments you may have. For example, if you have a large amount of student loan debt or car payments, these can impact your ability to take on more mortgage debt.

I hate this question, a better question is “what do you want to spend on your mortgage each month?” I can look at all the numbers and tell you that you qualify for a $500,000 home and you look great on paper. But the real question is do you want the monthly payment that comes with the $500,000 home. Just because you can, doesn’t mean you should.

Ultimately, the best way to determine the maximum mortgage you can buy is to speak with a reputable lender who can help you evaluate your financial situation and determine what type of mortgage is right for you. With the right information and guidance, you can find the right home loan that will allow you to buy the property of your dreams!

If you would like to sit down with me and review your unique situation I would love to help. Give me a call at 509-737-7161 to get an appointment scheduled.