August 12, 2021
Expressing your thoughts and feelings about how you view affordable is a big step in the right direction when considering a mortgage loan. Only you can decide how much you are comfortable paying for your housing each month.
Your mortgage lender can consider if you are able to repay your mortgage, yet you need to determine whether you will be comfortable repaying your mortgage loan. Based on your whole financial picture, think about whether you want to take on the mortgage payment plus the other costs of homeownership, such as appliances, repairs and maintenance.
Here are a few questions to help you engage in conversation with your spouse, a loved one, or a friend about how you each define affordable when discussing your home: “What’s more important – a bigger home with a larger mortgage or more financial flexibility?
“How much do we want to budget for all the monthly housing costs, including repairs, furniture, and new appliances?”
“What will a mortgage payment mean for other financial goals?”