Compass Mortgage Blog
Mortgage Affordability
How does the bank measure how much of a home I can afford?
As a general guideline, your mortgage payment and other debt obligations should not exceed 45 percent of your gross income. This guideline is subject to change depending on specific cases, but the 45 percent is the standard parameter for most buyers. Continue Reading
Benefits of Buying a Home
For a first time home buyer, what are the benefits of purchasing a home instead of renting?
Buying a home has many advantages over renting. For those with a stable financial situation who know they are likely to live in the same place for a number of years, you’ll find many benefits to purchasing a home. The money you pay to rent every month will never benefit you again, but the payments you make on a home will help to build equity and represent a gain to your net worth. Continue Reading
