# What mortgage can i afford on 70k salary?

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## Top best answers to the question «What mortgage can i afford on 70k salary»

So if you earn $70,000 a year, you should be able to spend **at least $1,692 a month** — and up to $2,391 a month — in the form of either rent or mortgage payments.

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Those who are looking for an answer to the question «What mortgage can i afford on 70k salary?» often ask the following questions:

### 💰 How much of a mortgage can i afford based on my salary?

A good rule of thumb is that your total mortgage should be **no more than 28% of your pre-tax monthly income**. You can find this by multiplying your income by 28, then dividing that by 100.

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### 💰 What mortgage can i afford self employed?

If you are employed of self-employed and meet the mortgage lender's criteria, you can usually borrow 4.5 times your annual income.

- What is the salary of a mortgage broker?
- How many times salary is mortgage?
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### 💰 Is mortgage 3 times salary?

Is a **mortgage 3 times** your salary? Not necessarily… Most lenders offer eligible borrowers mortgages based on 3-4.5 times their income, but others go higher than this, under the right circumstances. You can read more about this in our guide to income multiples.

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We've handpicked 20 related questions for you, similar to «What mortgage can i afford on 70k salary?» so you can surely find the answer!

Do mortgage brokers get a base salary?Mortgage Broker Salary

The average salary for a mortgage broker (as reported by Indeed.com) comes at **around $85,472** – and the amount can vary dramatically. Brokers commonly work on a commission basis – earning some amount of every deal they close.

While ZipRecruiter is seeing annual salaries as high as $181,000 and as low as $16,000, the majority of Mortgage Loan Officer salaries currently range between **$35,000 (25th percentile) to $100,000 (75th percentile)** with top earners (90th percentile) making $120,000 annually across the United States.

- On the downside, your credit will take a serious hit. “It ruins your credit and stays on your credit report for 10 years, but surprisingly, you could qualify for prime credit mortgage financing again in as little as two years,” Fleming said. 3. Modify Your Mortgage Loan

So, based on a lender cap of 4.5x your income, you **would need** to earn £44,445 a year to be eligible for a £**200k mortgage** - although this does not take into account other variables mortgage providers take into account when assessing affordability.

In the past, mortgage lenders based the amount you could borrow mainly on a multiple of your income… Now, when you **apply for a mortgage**, the lender will cap the loan-to-income ratio at four-and-a-half times your income.

Nationwide will allow people looking to get on the housing ladder to borrow 5.5 times their annual income, more than the 4.5 loan-to-income ratio most lenders offer. However, borrowers will need to take out one of the building society's standard five or ten-year fixed rate mortgages in order to benefit.

Can i get a mortgage 5 times my salary?Can I get a mortgage for 5 times salary? Yes. While it's true that most mortgage lenders cap the amount you can borrow based on 4.5 times your income, there are a smaller number of mortgage providers out there who are willing to stretch to five times your salary.

Can i get a mortgage 7 times my salary?Yes, you may be able to **find mortgage** lenders who will borrow you a mortgage for **7 times** your salary but these mortgage lenders may only offer **7 times income mortgages** when the circumstances are perfect and these mortgage lenders may also be specialist mortgage lenders.

You may also be able to get a **8 times income** remortgage. Typically most mortgage lenders will offer you a mortgage for around 3 and 4 times your salary… This means the **8 times income mortgage could** end up costing you more in interest than a similar 4.5 **times income mortgage**.

Can I get a mortgage based on 4 or 4.5 times my salary? This level of borrowing is standard for many mortgage lenders, while some providers cap their lending at 3-4 times your income, **most will stretch to 4.5 times under the right circumstances**.

Most mortgage lenders will consider lending **4 or 4.5 times a borrower's income**, so long as you meet their affordability criteria. In some cases, you could find lenders willing to go up to 5 times income. In a few exceptional cases, you might be able to borrow as much as 6 or 7 times your income.

If you have a 20% down payment on a **$100,000** household salary, you can probably comfortably afford a $560,000 condo. this number assumes you have very little debt and $112,000 in the bank. Even for people on a salary of **$100,000** that may not be the case.

So if you earn **$70,000** a year, you should be able to spend at least $1,692 a month — and up to $2,391 a month — in the form of either rent or mortgage payments.

The usual rule of thumb is that you **can afford** a mortgage two to 2.5 times your annual income. That's a $120,000 to $150,000 mortgage at **$60,000**.

Can I get a mortgage for 5 times salary? Yes. While it's true that most mortgage lenders cap the amount you can borrow based on 4.5 times your income, there are a smaller number of mortgage providers out there who are willing to stretch to five times your salary.

How much mortgage can i get on 30k salary uk?Traditionally, mortgage lenders applied a multiple of your income to decide how much you could borrow. So, if you earn £30,000 per year and the lender will lend four times this, they may be willing to **lend £120,000**.

This was the basic rule of thumb for many years. Simply take your gross income and multiply it by 2.5 or 3, to get the maximum value of the home you **can afford**. For somebody making $100,000 a year, the maximum purchase price on a new home should be somewhere between $250,000 and $300,000.

No more than 30% to 32% of your gross annual **income should** go to "mortgage expenses"-principal, interest, property taxes and heating costs (plus fees for condominium maintenance). Total Debt Service (TDS) Ratio.

The 28% rule states that **you should spend** 28% or less of your monthly gross income on **your mortgage** payment (e.g. principal, interest, taxes and insurance). To determine **how much you** can afford using this rule, multiply your monthly gross income by 28%.

To afford a house that costs **$550,000** with a down payment of $110,000, you'd **need to earn** $82,067 per year before tax. The monthly mortgage payment would be $1,915. Salary needed for **550,000** dollar mortgage.