Home Affordability

You can save yourself the disappointment of falling in love with a home you can’t afford by pre-qualifying for a loan through Shipbuilders Credit Union. Using one of our loan calculators, you can estimate the amount you can afford. As a rule of thumb, your mortgage payment (principle, tax, interest and insurance) should be no more than 28% of your gross monthly income before taxes. All of your monthly obligations, including your mortgage payment (car payments, credit cards, etc.) should not exceed 36% of your gross monthly income. The 28% and 36% ratios are typical rations, your ratios may be higher or lower, depending on your credit or the mortgage program that you’ve chosen.

Use our loan calculators to further determine what you can afford.