Is there a website to determine how much mortgage I would qualify for? - mortgage debt calculator
I own a house and want to buy a second home. I would like an online calculator, which you may receive additional loans on income, debts, etc. Do you see
Thank you!
Wednesday, January 6, 2010
Mortgage Debt Calculator Is There A Website To Determine How Much Mortgage I Would Qualify For?
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1 comments:
You do not really need a website for them. If your credit score is over 740 and has a good cash reserves, debt to income can vote as high as 50%. If you put less than 20% debt income may not exceed 41%. It is a requirement for mortgage insurance. The loans are approved with an automated system. Entries loan official data you send and press. There are no rules and dry cutting. You need face to face with your consultant face of office space.
To answer your question, if you is your debt to income of less than 40%, it should go.
Multiply your monthly gross income of .4 and subtract all your monthly payments today, including the current mortgage. What remains is what you can spend on your new mortgage your second home.
I hope it was not confusing. Again, I sat down with a lender and do it for you.
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