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Every American dream to have their own house but all of them cannot afford to buy a house from their own resources. If you wish to fulfill your dream but cannot find a way to do so, you can apply for a mortgage. How much expensive house you can afford depends on the size of the home loan. So, before deciding on a house to buy, you must ask yourself “how much mortgage can I afford”.

How can you find out how much home loan you can afford?
In order to find out “how much mortgage can I afford”, you must have sufficient knowledge of the factors that determine the size of the home loan. These are:

  • Gross monthly income: Your monthly mortgage payment, including interest payments, homeowners insurance and property tax should not exceed 28 % of your gross monthly income (before tax deduction). This is known as housing-to-income ratio or front-end ratio. Another important factor that determines how much home loan you can afford is your debt-to-income ratio or back-end ratio. Your gross monthly income divided by the sum of monthly debt liabilities (including the new mortgage) gives the debt-to-income ratio. Lenders generally consider a ratio above 36 % as risky.
  • Down payment: Lenders generally want you to pay 20 % of the total mortgage amount as down payment. You can also buy a house by putting down less than required percentage. But in such a case, you have to purchase a private mortgage insurance to protect your lender if you are not able to make mortgage payments. You must keep in mind that a smaller down payment means higher interest rate on your home loan.
  • Credit score: Your credit score or FICO score can help you determine “how much mortgage can I afford”. The credit score directly affects the home loan interest rates. If you have a score below 600, your lender may charge you a higher interest rate. The higher score you have, the less will be your rate of interest on the mortgage.

When you think of purchasing a home, you should calculate your debt-to-income ratio, housing-to-income ratio and determine the monthly mortgage payments that you can manage to pay. A home affordability calculator can help you determine how much home loan you can afford. By putting values like your income, debt obligations and new loan assumptions into this calculator, you can find out “how much mortgage can I afford”.

Vacation Florida

Florida vacations represent an important part of the offer available with so many travel agencies. The Sunshine State with the National Park and the Great Canyon attract thousands of people every year. No doubt, America has every reason to be proud with such beauties. Yet, you can make the best out of your vacation only if you know when to travel to this part of the country. In summer time, from April to October the climate is humid and hot, with rains and even hurricanes. Many people therefore pay for Florida vacations in autumn and winter, escaping the cold and rain from northern states.

Florida vacations are very expensive from New Year’s Eve through Easter. Which leaves the tourist eager to save money with only two options: fall or late spring. Holidays are not the only factors to be taken into consideration, as you also need to pay great attention to local events that substantially increase the number of visitors and the prices for accommodation and services. The seafood festival in Cedar Key and the Firecracker 400 NASCAR race are just a few examples of popular events when prices double or triple. Another challenge further comes with the selection of the destinations for Florida vacations.

Beaches, the National Park, Florida Keys or the wonderful Disney world represent the great attractions for American and foreign tourists. Last year’s vacation, the family size and kids’ preferences will often influence the choice of the destination for Florida vacations. Keep in mind that you will have to spend a lot of time on the road if you plan to see several attractions, particularly when you have just a seven-day vacation. The best idea for such short Florida vacations is to choose one region of the state and make the best of your stay there. If you have a two-week vacation, you can choose to travel around and visit more interesting sites.

When you plan Vacation florida well in advance, you have plenty of time to decide where you are going to stay. If you go for cheap hotels, you should not expect more than a bed, extra towels and linen, which for people traveling on a low budget will do. You can also find some fantastic deals and be comfortable with as little as $39 per night. You can search the Internet and see some hotel ideas, reviews and ratings. Florida vacations are thus possible with some serious savings, and without cutting on comfort levels.

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