mortgage salary rule of thumb
what is the rule of thumb, if you determermine gross salary at an affordable mortgage?
For example, if I'm looking forward to a condo worth Buy from $ 600k, what would the bank want from a monthly gross pay% during this period to qualify for a good one sentence, provided I have good credit?
The bank is looking at you debt to income ratios, they do not as a rule, a debt ratio of more than 45%. If your setting of 20% down and have no other credit accounts you have to make 7K a month to get the best rate, which is 6.5% (120K and 480K down payment loan). There are This link will help you to find out what your payment can be and how much you could afford. Give them a chance. They offer free assessments!
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