How much should i spend on buying a house?

28th Feb 2011 by admint

Typically, most lenders suggest that you spend no more than 28% of your monthly income on a mortgage. Keep in mind, in addition to the mortgage costs, you’ll have to pay the closing costs and legal fees, which are usually 2% to 3% of the house price. Also, don’t forget moving fees and labor, and any fixes that you might have to make to the house upon moving in, plus monthly maintenance fees if you’re moving into a condo or planned community.



This answer is the subjective opinion of the writer and not of FinancialAdvisory.com