Before you consider buying a house, it is imperative that you realistically determine the size of a mortgage you can afford. Homeowners who are slaves to their mortgage payments often result in difficulties when unexpected financial problems.

You can apply for a mortgage 600 $ 000 to qualify, but that does not mean you need to borrow so much.

Fortunately or not, has caused the credit crisis of 2007 many lenders to set more conservative limits on how much to give it to a potential borrower.

In determining the boundaries mortgage, lenders usually require that your monthly mortgage payment (principal, interest, property taxes and insurance) should not consume more than 25% to 28% of the monthly before taxes. Loans from the Federal Housing Administration (FHA) insures a little flexibility, with a limit of 29%.
» Read more: Home Affordability – How Much Mortgage Can You Afford?