So, if you make $80,000 a year, you should be looking at homes priced between $240,000 to $320,000. You can further limit this range by figuring out a comfortable monthly mortgage payment. To do this, take your monthly after-tax income, subtract all current debt payments and then multiply that number by 25%.
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Q. How much should I settle my credit card debt for?
Offer a specific dollar amount that is roughly 30% of your outstanding account balance. The lender will probably counter with a higher percentage or dollar amount. If anything above 50% is suggested, consider trying to settle with a different creditor or simply put the money in savings to help pay future monthly bills.
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Q. How will paying off credit cards improve credit score?
Paying down the card with the highest utilization ratio could help your credit scores, as the individual account utilization is considered by credit scoring models. Paying down the card with the lowest balance could help you decrease how many of your accounts have a balance, which may also improve your credit scores.
Q. How much do you need to make to get a $600000 mortgage?
How much do you need to make to be able to afford a house that costs $600,000? To afford a house that costs $600,000 with a down payment of $120,000, you’d need to earn $89,528 per year before tax. The monthly mortgage payment would be $2,089.
Q. What is the mortgage on a 150k house?
A $150,000 30-year mortgage with a 4% interest rate comes with about a $716 monthly payment. The exact costs will depend on your loan’s term and other details.
Q. Is it hard to get approved for a refinance?
Credit score: For a conventional mortgage refinance, you’ll generally need a credit score of 620 or higher. This is what lenders look at when deciding if you’ll be able to afford your mortgage payments. In most cases, the highest DTI you can have to get approved for mortgage refinancing is 43%.
