how bigger mortgage can i get
"How bigger mortgage can I get" is one of the most common questions people have about the house buying process. If you are about to sell your home, now may be a good time to start looking at mortgage options so you know what you can afford when looking for a new property.
When determining what kind of mortgage you can afford, there are several things to consider. The first thing you will want to look at is how much cash you have available for the down payment and closing costs. If you can save a larger down payment, you will be able to borrow more.
You also need to know what your debts and monthly expenses are so that you can balance these with your ability to keep up with the mortgage payments. Even if you can technically pay the mortgage payment, will you have enough left over to cover your other expenses and set some aside in savings too?
As a general rule, your mortgage payment should not exceed certain percentages of your gross monthly income. This allows you to comfortably cover the payments while also managing other financial responsibilities. A mortgage calculator can give you some idea of what the monthly payments will be, so you can determine how much you can afford to borrow.
If you are about to put your home on the market, get in touch with Mortgage Quote today. We can guide you on what you are able to afford and show you a range of potential mortgage programs from some of the top lenders.