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Housing

Mortgage Considerations

How much can you afford?
Typically, your mortgage payments (principal plus interest) should not exceed 29% of your gross income.

Also, the total of all your debt payments (mortgage, auto, and credit cards) should not exceed 49% of your total gross income in retirement.

What types of loans are available?

Traditional
This type of mortgage has a term of up to 30 years and a fixed interest rate.

Adjustable Rate Mortgage
This type of loan has a rate that is set for an initial period of years, and then may change for the balance of the loan term.

What will determine my interest rate on the loan?

  • The current economic climate
  • The amount of your down payment
  • Your credit score
  • Your financial reserves
  • Your time in your career

How can I find out my credit score and how can I improve it?
Receive lots of information to help you answer these questions

 
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