We agree with the contractor that the damages resulting from increased interest rates are consequential damages. Increases in interest rates are not caused by delays in completion of construction contracts.
So you can multiply your current rent by 1.33 to arrive at a rough estimate of a mortgage payment. Hereâs an example: If you currently pay $1,500 per month in rent, you should be able to comfortably afford a $2,000 monthly mortgage payment after factoring in the tax benefits of homeownership.
Mortgages larger than these limits are called non-conforming or jumbo loans. Most US counties have a maximum mortgage limit of $424,100 for a single family residence, ($543,000) for two units, ($656,350) for three units & ($815,650) for four units. These limits are applicable for purchase and refinance mortgages. Several US counties exceed the customary loan amounts.