Comments on: How Much of My Income Should a Mortgage Be?

By: Home Affordability Rises in Importance : Bizzia - Business News and Commentary - Finance and Business Tips

Mon, 08 Jun 2009 21:12:01 +0000

[...] . Affordability is important again. And, while "experts" recommend that you keep your mortgage payments to 1/3 of your month income (33%), I suggest the following in order to increase the affordability [...]

By: Twitter Wisdom from Un-Broke : Bizzia - Business News and Commentary - Finance and Business Tips

Mon, 01 Jun 2009 20:57:38 +0000

[...] Mortgage payments: I prefer to use net income to using gross, as recommended, and I think you should keep your payment to 28% of your monthly income or below, rather than being happy with 33%. [...]

By: Miranda Marquit

Miranda Marquit — Mon, 01 Jun 2009 19:35:22 +0000

I agree completely.

By: Jim

Jim — Mon, 01 Jun 2009 19:33:23 +0000

I think the KISS principle applies to mortgages too. Steer clear of fancy, complicated products. Go with a simple 15 or 30 year fixed rate mortgage, and the traditional rules of thumb of 28/36 make as much sense now as ever. Don’t buy a home unless you plan to live in it at least 5-7 years.