How Much Mortgage Can I Afford?

What is Mortgage?

The word “mortgage” comes from the French word “mort-gage.” It literally means death-pledge. It was back in the day when French peasants were working until their death for the privilege of owning a property (most often called “home). The price they paid was extremely expensive. However, the system is still used today. In America, the banks or lenders call it mortgage, and amazingly, a lot of people still think owning a house is actually owning an asset.

Why do banks or lenders use it?

How Much Mortgage Can I Afford?

To figure out how much mortgage you can afford, we first need to determine the answer to these questions:

  1. Where you live
  2. How much your annual household income and
  3. How much you can put as down payment

In other words, key factors in calculating affordability are

1) your monthly income

2) available funds to cover your down payment and closing costs

3) your monthly expenses

4) your credit profile.

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As a happy student of life, Huy has discovered that life is a series of very interesting courses where he can’t just simply learn from books or schools. Fortunately, every person that he meets and every incident that he faces truly give him tremendous valuable lessons. The most important aspect of being a student of life is that he learns things with a great intention: to improve himself everyday.

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