Another one of our mortgage hints involves affordability. Given the harsh economic climate in the US at the moment, nobody wants to take on a debt that they will not be able to repay. So, sit down and figure out exactly how much spare cash you have left every month for a mortgage payment. Dont just take away your everyday living costs and other financial commitments from your salary/salaries and use the figure you have left. Leave yourself some breathing space with some spare cash that can cover emergency costs or rises in interest rates every month.
It’s also a good idea if money is tight to maybe use a couple of months before you apply for a mortgage to save up as much as you can for your deposit and other mortgage costs (see mortgage tip 7). The higher the deposit you have, the lower your loan will be.
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