Figure out how much you can afford to pay for a residential property?

The first and foremost thing for knowing how much you can afford to pay for a home is to understand debt to income ratios. Having figured out your monthly average income and monthly average long-term debts, calculate the debt to income ratio. You will stand a good chance of getting approved for a mortgage loan should your debt to income ratio be 35% or less along with a decent credit rating.

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