Affordability

Questions to Ask Yourself

1. Am I financially stable?
2. Do I understand that a mortgage payment includes principal, interest, taxes, insurance and in some cases, mortgage insurance.
3. Do I understand if I put less than 20% down that I may be required to pay mortgage insurance?
4. What is the 43% rule? Do I meet the minimum debt to income ratio?
5. How much of a payment can I afford?