Asked in LoansMortgagesMoney Management
What is the maximum mortgage i can afford on a 34000 per annum salary it used to be 3 and a half times your salary?
September 26, 2009 10:10PM
What you can afford and what you can qualfy for are totally different factors and many of today's defaults are due to decades of "alt a" loans. Person making $20,000 might qualify for $75,000, but the monthly payments will be almost double the monthly percentage of 25% they can reasonably afford. Rather than buying a house, try to find a home you can afford.