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When looking for a mortgage loan, you need to first find out how much you can afford in order to save both time and stress. There are several factors when finding out how much you can afford and the first thing you should do is calculate your total monthly income. This can include not only your total income from your steady job, but also alimony, child support, disability payments and other income you receive on an ongoing basis.
The next thing you will look at is your long term debts, such as other real estate loans, auto loans and child support payments. Any outgoing debt that lasts longer than around 10 months is usually included into this.
After you find this out you will want to figure out how much your monthly income will allow for the loan, taxes and insurance that will be required. Most banks will only allow between 25 to 28 percent of your income to be allotted to your loan payment.
Your total debt payments with the mortgage loan and all other long term debts will have to be 36 percent of your income or else most banks will consider you too much of a risk to make a loan out to.
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