As a general rule and dependent on your debt-to-income ratio, the monthly payment for mortgage principal, interest, property taxes, and property insurance should not exceed 33 percent of your gross monthly income.
How do I determine how much I can afford when looking for a new home?
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About the Author: Michael
Michael, along with his wife Laura, is co-owner of Maine Home Connection, an independent real estate company located in Portland. Maine. Together they started the brokerage from scratch with a new vision of what a company could look like if it focused completely on the needs of our clients and our agents.