You can save yourself a lot of wheel-spinning if you take a minute to figure
out how much mortgage you can afford. Generally, a lender will want your monthly
mortgage payment to total no more than 29% of your monthly gross income (that's
your monthly income before taxes and other paycheck deductions are taken out.)
You also need to consider current loan interest rates. The lower the interest
rate, the more expensive the home you'll be able to afford.
Lending Frequently
Asked Questions