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:
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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