To obtain any loan you have to be able to afford the payments. When judging...
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- To obtain any loan you have to be able to afford the payments. When judging your credit worthiness loan officers do not want to see more than 40% of your income each month going to pay-off debts (including a mortgage). You have $1,000 a month already dedicated to a vicious credit card company and a payment on a car loan. Your income is a hefty $4,000 per month. What is the maximum amount the bank will loan you if you would like a 30 year loan at 8 percent (payments are made monthly)?
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