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?”

Image credit:  Images_of_Money