Instead of asking yourself “How much could I borrow?” while considering a new house purchase or home construction, ask yourself “How much should I borrow?” It’s crucial to note the difference. This strategy focuses on the loan amount that matches your budget rather than the biggest loan amount you might be able to acquire.
Could vs. Should
You can determine how much you should borrow by creating a monthly household budget that takes into account any additional costs associated with owning a home. After all, you don’t want to overextend your finances to the breaking point to repay a loan.
Take into account your current debt payments (including credit card, student loan, and car loans etc.), savings, and how a new or additional loan payment might fit into your financial picture.
Once you have decided on a budget
Once you have factored in all the costs and found the monthly mortgage payment that fits your budget, speak with your loan specialist.
When comparing mortgages, ensure that you clearly understand their terms and feel comfortable with the monthly payments throughout the life of the loan.
Armed with this information, you are now better equipped to be a successful homeowner.
Also See:
Need help? Call our highly trained support team. Available Monday - Friday at (767) 255-2300
Get in Touch
National Bank of Dominica Ltd.
64 Hillsborough Street
Roseau,
Commonwealth of Dominica
Swift Code: NCDMDMDM
- Flow: 767.255.2300
- Digicel: 767.315.0000
- US: 1.443.267.4300
- [email protected]
Help & Support
Member of the Caribbean Association of Banks | Banking License
National Bank of Dominica Ltd.
64 Hillsborough Street
Roseau,
Commonwealth of Dominica
Swift Code: NCDMDMDM
Flow: 767.255.2300
Digicel: 767.315.0000
US: 1.443.267.4300
Email: [email protected]
