How many times your income can you borrow for a mortgage?

+1 vote
asked Dec 23, 2018 in Real Estate - Renting by illicxit (360 points)
How many times your income can you borrow for a mortgage?

1 Answer

0 votes
answered Dec 23, 2018 by zlxxoxoxid (240 points)
Usually a mortgage lender will approve a mortgage for 4 times your income so if you make say $30,000.00 per year then the bank may be willing to lend you and approve you for a mortgage of $120,000.00

But it's always best to make sure that you can afford the monthly mortgage payments, insurance etc before getting the approved amount for the mortgage.

It's best to get a mortgage less than you can afford if you can so that you won't be house poor.

101,012 questions

96,428 answers

1,285 comments

6,999,825 users

...