Housing

Mortgage Considerations

How much can you afford?
Typically, your mortgage payments (principal plus interest) should not exceed 29% of your gross income.

Also, the total of all your debt payments (mortgage, auto, and credit cards) should not exceed 49% of your total gross income in retirement.

What types of loans are available?

Traditional
This type of mortgage has a term of up to 30 years and a fixed interest rate.

Adjustable Rate Mortgage
This type of loan has a rate that is set for an initial period of years, and then may change for the balance of the loan term.

What will determine my interest rate on the loan?

The current economic climate
The amount of your down payment
Your credit score
Your financial reserves
Your time in your career

How can I find out my credit score and how can I improve it?
Receive lots of information to help you answer these questions

United Methodist Foundation
of Western Pennsylvania
223 Fourth Avenue, Suite 707
Pittsburgh, PA 15222
1-800-743-2128

The Foundation is a ministry established to provide United Methodists with the resources to accomplish collectively more than can be accomplished alone. We act in accordance with our mission statement and a funds management approach that is based on a Biblical, theologically sound form of Christian stewardship.