If its a nice place in Toronto or New York city and you can afford it, then yes thats a great payment. If its a beat up house in a bad neighborhood and you’re going to struggle with the payments…no.
You need, repeat need the mortgage payment to be between 25-33% of the monthly income of the household. This makes it affordable. More than 33% will create financial hardship.
The answer depends on where you live. Some questions you should ask yourself before you commit to a hone are:
How does my house compare in overall sales price to others in the same neighborhood?
Does the home need any immediate repairs?
What is the APR on your mortgage?
Have you looked at at least 15 other homes?
Have you had the home inspected?
Can I afford the mortgage without defaulting in any other debt?
Anyway, I pay a lot more than you do but I live in South Florida. I wish I had a $1,400 mortgage, Best of luck to you.
The answer to your question depends on where you purchase your house and the purchase price of your house. If you purchase a house that cost $45,000 then the monthly mortgage payment to include insurance and taxes is not reasonable.
Now if you purchased a house that cost more than $350,000 this might be reasonable to you but unreasonable to the lender.
There are no carbon copy loans even if one has the same credit score, the two borrowers could have a different ratio or apply for a FHA loan and the other apply for a conventional loan.
There are many things you should do, but the first thing you should do is contact a mortgage broker that does FHA mortgage loans and get pre-approved. This is the first step. Once you have your pre-approval then contact a real estate agent to look at house based on what you are qualified to buy.
You will need proof of income so have available pay stubs, w-2, bank statements and other items your mortgage broker will require.
He will inform you of what is necessary once you contact him.
This pre-approval will tell you the amount of house you are qualified to purchase as well as the interest rate, monthly mortgage payments and other necessary things you need to know about your mortgage.
I hope this has been of some benefit to you, good luck.
Your mortgage should not be more than 25% of your take-home pay. This is calculated assuming taxes are included in the payment, I don’t know about insurance.
no one can answer this question since we don’t know any other facts.
With a 1,400 a month payment, your should have a gross income of $67,000 a year. If you earn less, then YES, it is unreasonable.
It depends on the place and your income.
If its a nice place in Toronto or New York city and you can afford it, then yes thats a great payment. If its a beat up house in a bad neighborhood and you’re going to struggle with the payments…no.
Happy Holidays!
You need, repeat need the mortgage payment to be between 25-33% of the monthly income of the household. This makes it affordable. More than 33% will create financial hardship.
The answer depends on where you live. Some questions you should ask yourself before you commit to a hone are:
How does my house compare in overall sales price to others in the same neighborhood?
Does the home need any immediate repairs?
What is the APR on your mortgage?
Have you looked at at least 15 other homes?
Have you had the home inspected?
Can I afford the mortgage without defaulting in any other debt?
Anyway, I pay a lot more than you do but I live in South Florida. I wish I had a $1,400 mortgage, Best of luck to you.
Unreasonable for some is reasonable for others.
The answer to your question depends on where you purchase your house and the purchase price of your house. If you purchase a house that cost $45,000 then the monthly mortgage payment to include insurance and taxes is not reasonable.
Now if you purchased a house that cost more than $350,000 this might be reasonable to you but unreasonable to the lender.
There are no carbon copy loans even if one has the same credit score, the two borrowers could have a different ratio or apply for a FHA loan and the other apply for a conventional loan.
There are many things you should do, but the first thing you should do is contact a mortgage broker that does FHA mortgage loans and get pre-approved. This is the first step. Once you have your pre-approval then contact a real estate agent to look at house based on what you are qualified to buy.
You will need proof of income so have available pay stubs, w-2, bank statements and other items your mortgage broker will require.
He will inform you of what is necessary once you contact him.
This pre-approval will tell you the amount of house you are qualified to purchase as well as the interest rate, monthly mortgage payments and other necessary things you need to know about your mortgage.
I hope this has been of some benefit to you, good luck.
“FIGHT ON”
How do we know? Did you do your homework before? If differs from place to place. We would not be able to answer your question with any intelligence.
It depends on how much you’re financing and for how long.
Your mortgage should not be more than 25% of your take-home pay. This is calculated assuming taxes are included in the payment, I don’t know about insurance.