Question
Your sister is considering the purchase of a home rather than renewing the lease on her two-bedroom apartment.She is currently paying $850 per month for
Your sister is considering the purchase of a home rather than renewing the lease on her two-bedroom apartment.She is currently paying $850 per month for rent.She has asked you to help her decide what sort of home she might be able to afford for the $850 per month.Her bank offers first-time home buyers (with good credit) a 30-year mortgage at a fixed rate of 5.49%.If the cost of insurance and property taxes is about $175 per month in the neighborhood where she'd like to live. If she cannot afforf to go over $850, what amount of mortgage can she get?
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