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Reply to "How much mortgage can we afford? "
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[quote=Anonymous][quote=Anonymous]I thought as a general rule, you would get approved for 3.5 times your annual income - is this correct? As far as monthly payments go, I believe we can afford about 4.5-5 times our annual income in mortgage. Does this sound right? [/quote] Too many variables left out: income, other debts, etc. Talk to a banker and get a pre-approval. Then figure on actually borrowing about 70% of what they say you're eligible for.[/quote]
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