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Based on their gross monthly income of $7,000 and monthly debt repayments of $1,102, what is the maximum mortgage amount for which Brittany and Marcelino
Based on their gross monthly income of $7,000 and monthly debt repayments of $1,102, what is the maximum mortgage amount for which Brittany and Marcelino could currently qualify? The monthly real estate tax and homeowner's insurance are estimated at $170 per month. Calculate the mortgage amount using the 28 percent qualification rule. Use 4 percent as the current rate of interest and assume a 30-year fixed-rate mortgage. (Hint: Refer to your maximum mortgage loan assignment for how to do this)
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