inception-app-prod/Y2Q0MDVmZmQtMTRiZS00NzFlLWI0ZmYtNTllYjg4NDFmN2My/content/2023/03/69ce5dbaba827629726e26d75c18fd9874660ed0.png
  • Home
  • Home Search
    • Your Favorite Listings
  • Featured Areas
    • Bethany
    • Cheshire
    • East Haven
    • Hamden
    • New Haven
    • North Haven
    • Wallingford
    • Woodbridge
  • Buyers
    • Creating Your Wishlist
    • Location, Location, Location
    • Deciding How Much House You Can Afford
  • Sellers
    • Increasing Your Home’s Appeal
    • 8 Steps To Selling Your Home
    • Understanding The Buyer
    • blueprint for perfect move
    • Moving With Kids
    • Moving With Pets
  • About
    • Testimonials
  • Contact
  • Our Mobile App
  • Blog
inception-app-prod/Y2Q0MDVmZmQtMTRiZS00NzFlLWI0ZmYtNTllYjg4NDFmN2My/logo/2017/04/Headshot cropped-5.jpg
Marc Seigel and Lauren Seigel-Gross
Real Estate Experts

203 494 3888

203 530 8819
seigelteam@gmail.com
Sign In
Sign Up
inception-app-prod/Y2Q0MDVmZmQtMTRiZS00NzFlLWI0ZmYtNTllYjg4NDFmN2My/content/2023/03/69ce5dbaba827629726e26d75c18fd9874660ed0.png
  • Home
  • Home Search
    • Your Favorite Listings
  • Featured Areas
    • Bethany
    • Cheshire
    • East Haven
    • Hamden
    • New Haven
    • North Haven
    • Wallingford
    • Woodbridge
  • Buyers
    • Creating Your Wishlist
    • Location, Location, Location
    • Deciding How Much House You Can Afford
  • Sellers
    • Increasing Your Home’s Appeal
    • 8 Steps To Selling Your Home
    • Understanding The Buyer
    • blueprint for perfect move
    • Moving With Kids
    • Moving With Pets
  • About
    • Testimonials
  • Contact
  • Our Mobile App
  • Blog
inception-app-prod/Y2Q0MDVmZmQtMTRiZS00NzFlLWI0ZmYtNTllYjg4NDFmN2My/content/2023/03/69ce5dbaba827629726e26d75c18fd9874660ed0.png

Deciding How Much House You Can Afford

Your lender decides what you can borrow but you decide what you can afford.

Lenders are careful, but they make qualification decisions based on averages and formulas. They won't understand the nuances of your lifestyle and spending patterns quite as well as you do. So, leave a little room for the unexpected - for all the new opportunities your home will give you to spend money, from furnishings, to landscaping, to repairs.

Historically, banks use a ratio called 28/36 to decide how much borrowers could borrow. An approved housing payment couldn't be more than 28 percent of the buyer's gross monthly income, and his or her total debt load, including car payments, student loans, and credit card payments, couldn't be more than 36 percent. As home prices have risen, some lenders have responded by stretching these ratios to as high as 50 percent. No matter how expensive your market though, we urge you to think carefully before stretching your budget quite so much.

Deciding how much you can afford should involve some careful attention to how your financial profile will change in the upcoming years. In the long run, your own peace of mind and security will matter most.

Have a question?

Send
Submitting
Succes! Your message was sent!
Oops! Error occurred.

About

inception-app-prod/Y2Q0MDVmZmQtMTRiZS00NzFlLWI0ZmYtNTllYjg4NDFmN2My/logo/2017/04/Headshot cropped-5.jpg
Marc Seigel and Lauren Seigel-Gross
Real estate

O: 203 494 3888

M: 203 530 8819
seigelteam@gmail.com
Real Estate Experts

Search Listings

Enter city, zip, neighborhood, address…
Loading in progress…
No results found
Type in anything you’re looking for
Search
EHO
Realtor
EHO
Realtor
EHO
Realtor
EHO
Realtor
EHO
Realtor
EHO
Realtor
EHO
Realtor
EHO
Realtor

Office

ReMax Rise
1079 S. Main StCheshire
CT 06492
203-494-3888
203-530-8819
seigelteam@gmail.com

About us

  • Home
  • Home Search
  • Featured Areas
  • Buyers
  • Sellers
  • About
  • Contact
  • Blog

Explore our communities

  • Bethany
  • Woodbridge
  • Cheshire
  • Wallingford
  • Hamden
  • New Haven
  • North Haven
  • East Haven

Consumer Protection & Privacy

  • Accessibility
  • DMCA Compliance
For ADA assistance, please email compliance@placester.com. If you experience difficulty in accessing any part of this website, email us, and we will work with you to provide the information you seek through an alternate communication method.

© 2023 All rights reserved

Created with Placester

Sign in

Sign In
Forgot your password?
Create an account
You have been successfully logged in
The page will reload automatically.
Go to the homepage
Sorry something went wrong
Login or password are incorrect. Please try again.
Try again

Sign Up

Your password needs:
At least one uppercase letter
At least one special symbol or number
At least 8 characters
Sign Up
Already a User? Sign In
You have been successfully registered
Please check your email.
Go to the homepage
Sorry something went wrong
Please try again.
Try again

Reset password

Enter your email address

Reset password
Return to Log In
Reset password email has been sent.
Go to the homepage
Sorry something went wrong
Please try again.
Try again

Change password

Your password needs:
At least one uppercase letter
At least one special symbol or number
At least 8 characters
Change password
Sign Up
Your password has been successfully reset.
Go to the homepage
Sorry something went wrong
Please try again.
Try again

Account verification in progress

Please wait...

Account Verified!
The page will reload automatically.
Go to the homepage
Verify your email address
In order to log in to your account, you need to confirm your email address. Please check your inbox!
Go to the homepage

Share this listing

Copy Link