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Mortgage qualification
Posted on 1/12/17 at 5:02 pm
Posted on 1/12/17 at 5:02 pm
Are there any reliable sites to tell me how much of a mortgage loan I'm likely to be approved for? Every site I try tells me a number that seems rather high.
Also, if my car note will be paid off in 6 months is it factored in my ratio? Or should I go ahead and pay it off even though it's 0 percent?
Also, if my car note will be paid off in 6 months is it factored in my ratio? Or should I go ahead and pay it off even though it's 0 percent?
4
Posted on 1/12/17 at 5:26 pm to cfa626
Don't pay it off if it only has 6 months left. They will not have to use it in your ratio's. Most people are surprised how high of an amount they would qualify for.
If you want to do the basic math yourself. Use 45% back ratio for a conventional loan or a 55% back ratio for an FHA loan. Include all debts on your credit report, Plus child support(if any), and other property(if any) obligations. After totaling together with your proposed housing payment divide by your monthly income.
Again don't pay off the car note especially since it is at zero. You will probably need that extra cash either for DP, closing costs, or all the expenses it takes to fill up a new home.
If you want to do the basic math yourself. Use 45% back ratio for a conventional loan or a 55% back ratio for an FHA loan. Include all debts on your credit report, Plus child support(if any), and other property(if any) obligations. After totaling together with your proposed housing payment divide by your monthly income.
Again don't pay off the car note especially since it is at zero. You will probably need that extra cash either for DP, closing costs, or all the expenses it takes to fill up a new home.
Posted on 1/13/17 at 9:31 pm to cfa626
Any debt that has less than 10 months of payments is not figured into your DTI so you are good.
Posted on 1/14/17 at 10:54 am to cfa626
Use the 33% rule. Pay off debt with a third, invest with a third and enjoy a third on something fun like a vacation.
Posted on 1/14/17 at 1:16 pm to cfa626
What you can qualify for and what you can afford are not necessarily the same thing.
I can qualify for a note MUCH higher than I would be comfortable with paying, like double or triple.
I can qualify for a note MUCH higher than I would be comfortable with paying, like double or triple.
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