Definition: The term 'mortgage you can afford' refers to a borrower's ability to make monthly payments on their mortgage without experiencing financial hardship or being incurring significant debt. Mortgages are loans that require regular monthly payments to cover interest, property taxes, insurance premiums, and other costs associated with owning a home. The amount of the monthly payment depends on various factors such as the borrower's income, credit score, down payment required, and loan terms, including the length of time the loan is forgiven. The term 'mortgage you can afford' highlights that a borrower should be able to make regular payments on their mortgage without experiencing financial strain. This allows them to maintain a steady monthly income that does not negatively impact their ability to pay off the debt on time or default on the loan.
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