Commentary: Make Sure Mortgage Doesn't Cause Financial Strain
The Daily Record (Baltimore) › March 13, 2011
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Summary
A mortgage is one element of total household expenses, such as taxes and heating costs, that is likely to increase over time. It's important to consider increases in household expenses in addition to your mortgage payment.
It's important to arrive at a monthly mortgage payment that doesn't cause financial strain. When deciding how much mortgage you can afford, you may want to review guidelines that lenders follow when evaluating mortgage applicants. These criteria apply to traditional private mortgages, and criteria for special situations, such as obtaining a mortgage through the Federal Housing Administration, may differ.See the full content of this document
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Commentary: Make Sure Mortgage Doesn't Cause Financial Strain
-A combined mortgage payment, insurance and property taxes that do not exceed 28 percent of gross monthly income.
-A total de...See the full content of this document
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