How much can I borrow? Overview

The question asked most often when buyers start the home buying process is "How much of a mortgage can I afford?" How much of a mortgage you can afford will directly relate to the house price ranges that you can consider when purchasing a home. The answer to this question is not scientific, but there are guidelines that borrowers can go by in order to figure out what mortgage amount they can qualify for. The two main factors that are taken into consideration to determine how much of a mortgage payment you can handle are your monthly income and your monthly obligations (debt).