Determining how much mortgage you can afford involves considering several factors, including your income, expenses, down payment, and other financial obligations. Here are some key pieces that go into a mortgage pre-approval and determining your affordability;
- Income
- Liabilities or Debts
- Down Payment Amount
- Comfortability and Budget
Remember that the maximum mortgage amount you qualify for may not necessarily be the amount you’re comfortable paying. It’s important to find a balance between what you can afford and your long-term financial goals.
If you’d like to start the pre-approval process, please reach out to our team! We would love to support you.