Secrets of Mortgage Affordability

Buying a home is one of the very best investments that you can make. However, there are a few key points to consider when you decide to buy. First, your home should never cost more than around two and a half times your income. Any more than that, and you might find yourself struggling to make your repayments. Next, make sure that you have at least a 20% down payment to make, in cash. Any less than this will probably result in a Private Mortgage Insurance fee being added, which will increase your monthly payment, and your overall debt. Consider your mortgage options carefully. There are, literally, dozens of different types of mortgages out there, and finding the right one will mean you will need to do your homework.