When it comes to figuring out how much house you can afford, you may not even know where to start. That’s why United Community Mortgage Services is guiding you through the calculations.
Most financial advisors recommend you shouldn’t spend more than 28% of your gross monthly income on housing. Let’s put that into real numbers for you. For someone earning a salary of $50,000, that 28% comes out to $14,000. Break that out over 12 months, and you’re looking at a mortgage payment of about $1,167.
You also want to take into account the other debt you carry (things like your car payment, student loans, etc.). Experts say your total debt, including what you pay for housing, shouldn’t be more than 36% (that equates to $18,000 on that $50,000 salary).
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While 28% is the recommendation, it really comes down to what you’re comfortable spending each month and how much you qualify for. Our team of expert Mortgage Loan Originators is here to walk you through the pre-qualification process. To get started, begin your digital application in our secure online portal, or call 1-800-914-8224 to talk to a United Community Mortgage Services lender.
Let’s work together to get you into the house of your dreams.