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How much can I afford to buyif I pay $500/mo in rent?

  • November 22 2013 - Bangor
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Answers (7)

It is best to work with a financial consultant. He should be able to examine your situation and provide you with options as to how much you can afford. Credit score will also be taken into consideration.
  • December 01 2013
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Profile picture for craigcandage555
Make Contact with Chad Hayes at RMS and he will be more than happy to help answer any of your questions.   http://www.rmsmortgage.com/team-me/chad-hayes
  • December 01 2013
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As mentioned, it's best to talk with a financial advisor and possibly a loan officer that you can work with, however there are several things that you should at least consider.
The typical mortgage percentage of your salary is 28 per cent.
Your total debt-to-income ratio should be no higher than 36 per cent.

These are some ideas to help you to realize your purchase possibilities.
  • November 22 2013
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Contact a few mortgage brokers who will look at your financial profile and offer guidance in the process.  Good luck! 
  • November 22 2013
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How much you afford depends on many different factors. These factors include your income, expenses, asset, debts, credit score, and down payment. A lender like myself would look at these factors in your finances to determine how much you can afford. I recommend that you speak with a lender like myself to see what you can afford. Well I hope this helps, if you have any other questions or need a loan, feel free to contact me.

Good Luck!
  • November 22 2013
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I don't feel comfortable giving you an exact amount without knowing how much money you can afford to put down, credit score, taxes, etc.  However, I can tell you that in most cases, it is much more profitable to own than to rent.
  • November 22 2013
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Profile picture for wetdawgs
Important parts of the equation for how much you can afford to buy are income, down payment, debt load and of course, your credit scores.

Here's a link to an affordability calculator.  to give you a rough estimate.
  • November 22 2013
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