How much of a mortgage can I afford based on my income? To determine how much house you can afford, most financial advisers agree that people should spend no more than 28 percent of their gross monthly income on housing expenses and no more than 36 percent on total debt — that includes housing as …
How much should you pay for mortgage based on income Read More »
What is a mortgage loan and how does it work? A mortgage is a loan from a bank or lender to help you finance the purchase of a home. When you take out a mortgage, you make a promise to repay the money you’ve borrowed, plus an agreed-upon interest rate. How do payments on a …
How do I calculate my mortgage payment? If you want to do the monthly mortgage payment calculation by hand, you’ll need the monthly interest rate — just divide the annual interest rate by 12 (the number of months in a year). For example, if the annual interest rate is 4%, the monthly interest rate would …
How to calculate property tax in mortgage payment Read More »
How many months can you fall behind on mortgage? Generally, homeowners have to be more than 120 days delinquent before a foreclosure can begin. If you’re behind in mortgage payments, you might be wondering how soon a foreclosure will start. Generally, a homeowner has to be at least 120 days delinquent before a mortgage servicer …
How does a mortgage loan modification work? Under this option, you reach an agreement between you and your mortgage company to change the original terms of your mortgage—such as payment amount, length of loan, interest rate, etc. In most cases, when your mortgage is modified, you can reduce your monthly payment to a more affordable …
