My mortgage when I bought my condo in 2003 was about $925 per month but I can't remember how much of a percentage that was of my net income back then.
Have you pre-qualified for a mortgage? Maybe start there. If I remember correctly, a debt to income ratio is used to calculate how much you will qualify for. I qualified for a number that was higher than I was comfortable with so I looked for properties in a lower price range.
I added up my monthly bills and decided how much I wanted to budget for a mortgage.
Your comfort level is really a personal thing (I'm conservative with spending.)
Congrats on buying a house - that's very exciting!
-Teresa
Have you pre-qualified for a mortgage? Maybe start there. If I remember correctly, a debt to income ratio is used to calculate how much you will qualify for. I qualified for a number that was higher than I was comfortable with so I looked for properties in a lower price range.
I added up my monthly bills and decided how much I wanted to budget for a mortgage.
Your comfort level is really a personal thing (I'm conservative with spending.)
Congrats on buying a house - that's very exciting!
-Teresa
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