Definitions for "Affordability analysis"
A preliminary analysis of a borrower's ability to afford a vehicle or other purchase. An affordability analysis takes into consideration factors such as income, liabilities, and available funds, the likely taxes and insurance for the boat, and the estimated closing costs.
A detailed examination of an individual's ability to afford a house, taking into consideration income, liabilities, available funds, mortgage type, home price and closing costs.
An examination of a prospective buyer's abilities to financially afford the purchase of a home. Income, debt liabilities, available funds, the type of mortgage you plan to use, and other factors such as the location of the subject property and the anticipated closing costs are all calculated in this analysis.
A calculation used to determine an individual's likelihood of being able to meet the obligations of a mortgage for a particular property. Takes into account the down payment, closing costs and on-going mortgage payments.