              |
|
Price Calculator
How Much Can I Qualify For?
What type of a mortgage should I obtain?
How long will I have this new mortgage?
When should I apply?
Should I choose a bank or a mortgage company?
What is private mortgage insurance (PMI)?
What if my credit rating is not as good as it use to be?
Is there any help for first-time homebuyers?
Should I consider refinancing my mortgage?
How can I get the lowest interest rate?
Home Page : : HOME PAGE
Home Page : : OUR LOCATION
PreQualify
New Page 1
Home Page : : OUR LOCATION : ZOOM IN
404 Not Found
First Page
About Us
PreQualify : contact us
Links
Mortgage FAQs
Glossary
Meet The Staff
Home Protection Program
Meet The Staff : Jim Spada
ArchiveEXAMPLE: Persons with less than two years
of documented "bonus, commission or overtime", may find that it will
NOT be counted toward qualifying income. It may ONLY be considered
as a compensating factor. Mortgage lenders will also want to review
the relationship between your NEW MONTHLY PAYMENT(PITI) AND YOU
REGULAR RECURRING MONTHLY OBLIGATIONS. These could possibly include
payments for auto, student, credit cards, leases, alimony, child
support, etc. Generally, most lenders will not want your new monthly
payment PLUS your regular monthly recurring obligations to exceed
approximately 39%-40% of your gross monthly income. Any installment
debt which has 10 payments or more remaining, generally must be
included in the calculations. While this can give you an idea of how
much of a mortgage a lender would feel comfortable with, only an
experienced loan officer can accurately determine the amount of a
mortgage that most lenders would most likely approve. A basic
interview and review of certain pertinent facts with a Mortgage
Affiliates loan officer is called a Pre-Qualification. This is in
principle only. There is no guarantee that your loan will actually
be approved. BEWARE! If you have had some type of financial
difficulty or there is the least bit of question whether or not you
loan would be approved, you should seriously consider a
Pre-approval. Basically, this is applying for a mortgage without
having a home in mind. There is usually only a minor fee, it takes
less than ten days and can ease the minds of both buy and seller
alike. To complete the Pre-Approval process, you must accumulate a
substantial about of paperwork, however, if you are going to do this
transaction, you will need to do it sometime any way. Why not now?
| |
|
| |
