Click To View Links

Getting a low mortgage payment.

by Denelle
(New Jersey)



This is my first home and I am really scared I will not be able to afford it. What can I do to be sure I am getting the lowest payment possible for the mortgage?

====ANSWER====

Denelle;

Thank you for stopping by my site and asking a question.

I understand your fear. I remember when buying my first house the biggest fear I had was "Can I Afford This?"

First of all, keep in mind that your lender would not take any chances that you could not afford the house. They use a DTI (Dept To Income) formula which helps them and you know how much you can afford.

They will figure the monthly payment with PITI (Principal, Interest, Taxes and Insurance) which is most cases would be around 28% of your monthly gross income.

To help you figure how this works, why not visit one of my mortgage calculator pages that you can play with. Click here for Mortgage Qualification Calculator and use it to figure out how much you can afford.

It will ask you for income, monthly debts and some other info that can help you find out really fast.

Hopefully you find this helpful.

Kind Regards,

Jeff

Comments for Getting a low mortgage payment.

Click here to add your own comments

Getting a low mortgage payment.
by: Janice

I think a mortgage calculator to figure the payment is a good idea. That way you can have an idea of what you can really afford. I am going to use that calculator myself. I too am trying to decide if I can afford a payment on a home.

Great question!!

Click here to add your own comments

Return to Mortgage Questions.

New Jersey Grants

Click on Image to Learn More

South Carolina Grants

Click on Image to Learn More

Recent Articles

  1. Arkansas First Time Home Buyer Grants | Programs | Down Payment Assistance

    Mar 20, 17 05:33 PM

    Pursuing any Arkansas first time home buyer grants to purchase that home? Find the best grants for home buying in Arkansas and other home mortgage programs available on this page.

    Read More

  2. Massachusetts First Time Home Buyer Grants | Programs | Down Payment Assistance

    Mar 14, 17 12:16 PM

    Chasing after Massachusetts first time home buyer grants to buy that home? Discover the best grants for home buying in Massachusetts and other home mortgage programs available on this page.

    Read More

  3. Alaska First Time Home Buyer Grants | Programs | Down Payment Assistance

    Mar 07, 17 05:31 PM

    Fishing for Alaska first time home buyer grants to purchase that home? Find the best grants for home buying in Alaska and other home mortgage programs available on this page!

    Read More

Buyer Programs

fha loans

The FHA Loan Products

Home Buyer Grants

zero down home loans

Zero Down Home Loans


Follow Us On Twitter

follow me on twitter