This little-known rule could mean higher mortgage costs

 · The rule of thumb is to aim for a home that costs about two-and-a-half times your gross annual salary. If you have significant credit card debt or other financial obligations like alimony or even an expensive hobby, then you may need to set your sights lower.

For an individual or a family who brings home a monthly income of $5,000, if they want to adhere to the 28/36 rule, they could budget $1,000 for a monthly mortgage payment and housing expenses.

A single late payment could drop your score between 60 and 110 points, depending where your score was before the late payment. This could mean. your costs exceed this, you could find yourself.

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This little-known rule could mean higher mortgage costs More REIT pressure on mortgage bond pricing to come Jacob Gaffney is the Editor-in-Chief of HousingWire and

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Removing a co-signer technically counts as changing the mortgage, so you’ll have to check with your mortgage broker and lender to ensure that it doesn’t count as breaking your mortgage and that there is no additional cost associated with doing so.

What’s the opportunity cost. the mortgage interest they pay each year on up to $1 million in mortgage debt. For those of you in a high tax bracket, and depending on how much of your monthly.

That’s because lenders tack on an annual mortgage insurance premium charge that could be as high as 0.85 percent, and there is an additional premium of 1.75 percent charged up front.

It is seen as your investment in the mortgage, since you stand to lose it if you default on the monthly payments that come after. While many conventional loans require a down payments as high as 20 percent of the total purchase price, FHA loans make things a little easier by requiring 3.5 percent down.

It is the norm there for homeowners to pay well in excess of $10,000 a year for property taxes for a 1,300 square foot house, and a larger house pays even larger taxes. Since property taxes keep rising, your monthly costs do, too. Pay off your mortgage, and you still have a $1,500 payment for taxes and insurance.