ANSWERS: 1
  • <h4 class="dechead">On One Hand: Affordable payment

    Mortgage lenders suggest it is best for a mortgage holder to keep their total monthly payment, including insurance and taxes, to less than 25 percent of their monthly income. This keeps the payment affordable and allows you to budget for extra payments to reduce the debt faster.

    On the Other: Resale Value

    Maximizing the mortgage payment you can afford helps you to afford a bigger house. A bigger home can have better resale value in the long run, maximizing your profit in the end. A little stretching month to month could help you live more comfortably in your retirement years.

    Bottom Line

    You and your family should look at your monthly mortgage payment together. You should find a figure that helps you feel comfortable with the payment and live a comfortable lifestyle. A big payoff may come in the end, but you may not want to sacrifice your current lifestyle for it.

    Source:

    Mortgage 101

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