Here are some simple answers to the most common mortgage questions I get:
1️⃣ How Much Can I Qualify For?
Quick Rule: For every $100K in income, you qualify for about $400K in mortgage financing.
Your Max Home Price? Add your down payment to that amount.
Example:
- If you earn $100K per year and have $50K saved for a down payment, you could afford a $450K home.
2️⃣ What Will My Monthly Mortgage Payments Be?
Quick Rule: Every $100K in mortgage costs about $550 per month.
Example:
- A $400K mortgage = $2,200 per month ($550 × 4).
(Estimate based on a typical 5-year fixed rate—actual payments may vary.)
3️⃣ How Do My Debts Affect How Much I Qualify For?
Quick Rule: Every $100/month in debt payments lowers your mortgage qualification by about $14K.
Example:
- A $1,000/month car payment reduces your mortgage approval by $140K.
These are quick estimates, but if you want a more personalized breakdown, just reach out!
Call/Text: 519-217-3484
Email: [email protected]
