Determining What You Can Spend
A key step towards purchasing a home is determining what you can afford to spend. A mortgage broker, banker or financial advisor can help you determine how large a mortgage you can obtain. In Manhattan, many agents and sellers will want to see a completed Real Estate Board of New York Financial Form which they will use to qualify buyers.
Two key ratios they will examine are debt to income (debt service ratio) and liquid assets to debt (liquid assets after purchase).
The attached spreadsheet calculates those ratios. Please email us and we will provide you the live Excel spreadsheet.