Brandon is saving up to buy a house. He is debt-free, has three months of expenses saved in his emergency fund, and is renting while he saves up enough money for the down payment for a mortgage. His take-home pay $60,000.
a. Why is it important that Brandon’s monthly mortgage payment is not more than 25% of his monthly take-home pay? So he can pay bills, and he can buy food and support him self monthly.