As a young professional I am looking to buy my first home. With a gross annual income of $69,000 and total monthly debt obligations of $1000, what size of a mortgage should I realistically be looking at? Thank you very much for your time.
Thank you for your question.... with the recent changes to the mortgage industry in relation to the limiting of the Amortization period to 30 years I ran my calculations based on that and at today's low rates. With an income of 69K and the 1000/mo obligation you are showing you should be comfortable to shop in the $250,000.00 price range. With 5% down you would be carrying a mortgage of roughly $238,000.00. There maybe ways of increasing that amount as well if we look at how your current debt is structured. Hope that helps. If you have any other questions or this has drawn you attention to further discussion please feel free to contact me directly at firstname.lastname@example.org or call 705-321-9273. Hope that helps!! Kevin