How Much House You Can Afford In North Atlanta
How Much House Can You Afford In North Atlanta by
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Your mortgage lender will determine how much you can borrow but you must decide what you can afford.
Find out what's happening in Alpharetta-Miltonwith free, real-time updates from Patch.
Lenders are very careful, but they make qualification decisions based on only averages and formulas. They will not understand your lifestyle and spending patterns as well as you do. So, be sure to leave a room for the unexpected such as the new opportunities your home will give you to spend money, from furnishings, to landscaping, to repairs.
Historically, banks use a ratio called 28/36 to decide how much borrowers could borrow. An approved housing payment couldn't be more than 28 percent of the buyer's gross monthly income, and his or her total debt load, including car payments, student loans, and credit card payments, couldn't be more than 36 percent. As home prices have risen, some lenders have responded by stretching these ratios to as high as 50 percent. No matter how expensive your market though, we urge you to think carefully before stretching your budget quite so much.
Deciding how much house you can afford in North Atlanta should involve some careful attention to how your financial profile will change in the upcoming years. In the long run, your own peace of mind and security will matter most.
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The Mary Ellen Vanaken Team of Keller Williams Realty specializes in Luxury Real Estate in the North Fulton and Forsyth County areas of Georgia. If you're looking to buy or sell in the communities of North Atlanta - Alpahretta, Cumming, Roswell, Johns Creek and Milton contact us today at:
678.929.6529
5780 Windward Parkway, Suite 100
Alpharetta, GA 30041
How Much House Can You Afford In North Atlanta
