Next steps in understanding mortgage affordability and your monthly budget

It’s important to know how your new mortgage will affect your monthly budget. Typically, a mortgage payment should be no more than 43% of your monthly income (this is known as a debt-to-income ratio). In addition to the monthly cost of a mortgage, you’ll also need to know how much of a down payment you can afford along with what the typical closing costs can be to purchase a home. A mortgage prequalification may help answer all those questions. Click here to learn more about a mortgage prequalification ^adatext

We recommend you connect with us so that we can help you with your next home purchase.

For Merrill and Private Bank clients, please contact your financial advisor.