Longer work commute equals smaller mortgage amount

Is your commute hurting your mortgage?

Is your commute hurting your mortgage?

You may accept the fact that you have to pay more for a home that is closer to your job; however, did you realize that your work commute could have a negative impact on your mortgage amount.  Homeowners that have a long commute to work may be penalized by their mortgage company.  Lenders may include the cost of commuting when they calculate a borrower’s debt-to-income ratio.  This could lower the amount of money you can borrow and cut into your purchasing power as your search for a new home.

For the full story read, “Can Your Commute Impact Your Mortgage?”

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