The Golden Rule of Mortgages: A Key Principle to Remember in Farmington Hills The golden rule of mortgages is to ensure your monthly mortgage payments remain affordable. Selecting a mortgage that fits comfortably within your budget and financial means is essential. Consider your income, expenses, and future financial goals when determining affordability. A good rule of thumb is to aim for a mortgage payment of 28% to 30% of your gross monthly income. By following this golden rule, you can enjoy financial stability and avoid becoming "house poor," where a significant portion of your income goes towards housing costs, leaving little room for other essential expenses or savings. Selecting a mortgage that aligns with your financial situation is crucial for long-term success as a homeowner. It allows you to comfortably meet your payment obligations while maintaining a healthy financial balance. Working with a trusted mortgage advisor can help you navigate the mortgage landscape and ensure you adhere to the golden rule. They can analyze your financial situation, guide you toward suitable mortgage options, and provide expert advice tailored to your needs. Ready to find a mortgage that fits your budget? Contact us today to discuss your options and receive personalized guidance in keeping with the golden rule of mortgages. We'll help you achieve your homeownership dreams while maintaining financial stability. https://www.google.com/maps?cid=17636774335061292863