Free Mortgage Affordability Worksheet
A mortgage payment is much more involved than paying rent. It’s a long term commitment to pay a fixed rate mortgage for 15, 20, or even 30 years.
Plus, there’s homeowners’ insurance, property taxes, and in some cases, loan insurance and homeowners’ association dues tacked on to increase the amount you’ll need each month just to live comfortably in your new home.
That’s not counting utilities, groceries, and repairs!
Relax, don’t panic. There’s a way to figure out exactly how much mortgage you can afford, so you don’t get in over your head right away. If you can figure out the ratios for debt-to-income and house payment-to-income, you’ll know exactly what type of house you can afford today.
For instance, if you’re debt-to-income ratio is higher than 36%, or your house payment-to-income ratio is higher than 30%, you’ll need to make some adjustments or pay down some debt before buying that dream house you’re looking at.
How do we know this? Because, we use a simple, straightforward worksheet to calculate these figures for us, so we don’t have to guess. In fact, we’re going to offer this worksheet to you for free, because we want to see you sitting on the porch in your new home after settled with a lender on a mortgage loan.
Using this worksheet, you’ll be able to list your current debts, like:
- Bank loans
- Student loans
- Credit cards
- Lines of credit
You’ll also be able to list all extra components of a typical house payment, such as:
- Property taxes
- Loan insurance
- Homeowners’ association fees
Get your Free Mortgage Affordability Worksheet that will show you exactly how much mortgage you can afford, and where to trim your financial fat if you’re coming up short.
Being prepared makes the mortgage lending process much easier for you and your lender.
Don’t miss this opportunity to stay one step ahead of others looking at your dream home.