Posted by NewBuyer on December 12, 2009 | No Comments
A clear explanation of the 28/36 Ratio used by mortgage lenders to calculate how much home a potential buyer can afford. The housing ratio and the debt ratio are clearly spelled out and a real-life example is given. See if the house you want is worth the price by learning the importance of “property value.”
From the resource: “How much house can I afford? This depends on your down payment and your income. Bankers use a somewhat flexible formula, including payments and debts, to determine how much house you can afford. You can use that formula, too. It’s called the 28/36 Ratio (28% is called the Housing Ratio, 36% is called the Debt Ratio-See below for full explanation).”
Source: Consumer Credit Repair
Read More About Home Affordability at Newbuyer.com
Posted by NewBuyer on December 4, 2009 | No Comments
A concise, yet insightful look at determining how much mortgage you can afford. Learn that how much you can afford and how much the lender is willing to lend are calculated separately. See how the lender uses the information you provide to calculate your loan amount and interest rate (i.e. income, debts, credit score, down payment, etc.). Budget carefully and remember the additional costs of home ownership such as taxes, insurance, maintenance, and more.
The introduction to the resource: “How much you can borrow to buy a home is a factor of how big of a monthly payment you can afford. Your monthly payment is made up of the amount you are borrowing and the interest the lender charges you.”
Source: GetSmart
Read More About Mortgage Affordability at Newbuyer.com
Posted by Elizabeth Dennis on November 13, 2009 | No Comments
A high quality look at what point during the home buying process the mortgage lender will check your credit score. Learn how quickly you will be pre-approved or rejected depending on the findings. See the importance of checking your credit score on your own very early on in the process; you will then have time to improve it if necessary.
From the resource: “Different lenders have different application procedures, so it will vary slightly from one mortgage lender to the next. With that being said, most lenders will check your credit score as early on in the application process as possible.”
Source: Consumer Credit Help
Read More About Mortgage and Your Credit at Newbuyer.com
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