Mortgage Tips
Here are 2 quick financing tips that will help you.
These ‘Rules of thumb’ will make it easier to figure out what you can buy and what you can
afford.
#1. The mortgage amount, you can qualify for is about 4 times your income.
So if you and your partner make a combined income of
$120.000 per year X 4 = $480,000 mortgage.
Then just add your downpayment to that number and that's what you can afford.
#2. To figure out how much a mortgage costs per month. For every $100k in mortgaging that
you have, it will cost you about $500 a month
So for a mortgage of $480,000 (4.8 X $500) = $2,400 per month.
I can run the numbers for you right down to the penny (well Nickel lol) if you would like.
Please feel free to text, call or email me anytime if you have any questions.
