How much of a mortgage do you think a person living in ATL with a $50-60,000 salary can afford?

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Here a little more information

Living in Atlanta, Georgia
No Carnote
student loan of $ 3,000 at 5% interest rate
No other debt

4 Comments
  1. Reply
    Steve D
    February 10, 2011 at 12:20 pm

    Without knowing your full financial picture, it is hard to know what your “affordability” is, however, rule of thumb is a mortgage up to a maximum of three times your gross salary, or, based on the $ 60K, up to $ 180K.

  2. Reply
    renegadesail
    February 10, 2011 at 12:31 pm

    Your mortgage payment should not be more than 1/4 of your monthly income.

  3. Reply
    MrPopular
    February 10, 2011 at 12:51 pm

    Usually the bank will give you 2-3 times your annual salary. In this case, you will probably be pre-approved for up to 120k.

    The bank will walk you through the fees and interested associated with your mortgage, and will tell you an approximation of your monthly payments INCLUDING taxes. However, you need to factor in association fees if applicable.

    It requires some research (online) to figure out what you can afford and what is the best bang for your buck. However, I suggest to talk to a real estate agent, this overwhelming will go away when you talk to a real person.

    Even if you are just curios, you can talk to an agent. You can find one out at Weirchert.com, Century 21.com, or CaldwelBanker.com. Go to Zillow.com or Realtors.com, and when you like a house click on ‘contact listing agent’. This agent can assist you with those listings and other listings elsewhere.

    Hope this helped

  4. Reply
    Lauren
    February 10, 2011 at 1:10 pm

    Mortgage loan is a term used for the loans secured by a property. Mortgage loans refer to a loan secured by residential property, often for the purpose of securing real estate. Mortgage loans are priced lower than other loan structures because the value of the property risk for the lender.

    http://www.worldbestloans.com/

    A fixed rate mortgage loan has its own benefit. If the borrower is budget conscious, he will remain at peace because the monthly mortgage amount will not change.Fixed rate mortgage loan is a loan where the interest rate remains the same through the term of the loan. Fixed rate mortgage loans are the most traditional form of loan.

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