 TITLE: Should You Get a 15- or 30-Year Mortgage? CONTENT: How to Decide How Much House You Can Afford\n-------------------------------------------\nOf course, your loan's length isn't the only consideration you should make when determining what type of home you can afford. These factors will determine your interest rates, mortgage eligibility and total homeownership costs:\n*   **Your creditworthiness** is an important factor in your interest rates and in meeting your mortgage lender's requirements. You can review both your credit score and report for free with Experian.\n*   **Your debt-to-income ratio (DTI)** measures the portion of your income that goes toward paying your debts, and it's an important factor lenders consider when deciding whether you can afford a monthly mortgage payment. You can be denied a loan if your debt payment would comprise too much of your budget.\n*   **Your down payment** will help set your loan's size and interest rate.\n*   **Other costs**, including property taxes, insurance, building association dues and any repairs or renovations, can all add up in your budget. END