How can I get an estimate of how much mortgage I can get to buy a house? Any tips? Serious answers, please!?

Question

I mean if I have a steady source of income, a good credit history and am in the market for buying a house, how can I calculate how much the bank is willing to lend me, how much down payment should I pay etc ?

Answer 1

OK, first you have to understand what your Debt-to-Income Ratio is. To get your DTI perform the following.

Take your gross annual income and divide it by 12. This will give you your monthly income. Divide your monthly income by two, the result will be your 50% DTI point which is what many programs allow as their max.

Now, subtract estimate monthly taxes and homeowners insurance as well as any car loans, credit card payments, personal loans, etc. The remainder will be what the bank thinks you can afford as your principal and interest payment.

Take this P&I payment amount and plug it into one of the many mortgage loan calculators out on the web. http://www.bankrate.com & http://www.myfico.com are two that have nice ones.

You'll have to know what interest rate you could get based upon your good credit to enter into the calculator.

Hope that helped, if you need further assistance please don't hesitate to ask!

Answer 2

you can certainly use the basic calculation that the last answer gave you, or you can seek the help of a professional. Being that I am one.. No I do not want your business but here is the thing there are so many factors that will fall into this that you could very well drive yourself crazy for instance can you prove your steady income? do you have 2 years on the same job? What is good credit history, do you have 3 trade lines that have been established for 24 mos. You see what I mean? You Should be able to get a Mortgage Broker that will help you with out charging you they will give you a pre-approval letter that you can take to a real estate agent that will show you homes that fall in your price range. if you would like me to i will help you get basic answers that you can take to your local broker. That is the best advice that I could give.

I hope it helps

Answer 3

Please allow me to add my two cents. As much as you want to be able to calculate please allow a professional do it as there are to many factors to be taken into consideration. The worst thing you can do is be looking at homes you can't afford and ultimately wasting your time and your Realtors time. It sounds like you have great compensating factors i.e. steady income, good credit and even some money to put down. You should have no problem getting qualified for a mortgage. If you need any help I'd be more than happy to assist you. If you have any further questions please feel free to contact me www.dantadgerson.com.

Answer 4

I work for United Lenders Group and I work with over 45 different banking companies so I could look into getting you pre-approved for a mortgage loan no matter how much the home might cost
916-860-0804
keyon

Answer 5

you may consult from a financial employer or mortgage broking provider first to confirm how plenty you may borrow, and what deals are accessible to you (so which you recognize what budget to look at), then you extremely can start to look at homes, mortgage lenders charge an affiliation value yet it extremely is typically extra on your individual loan, you additionally can specify which you desire a product that has unfastened valuation and unfastened legals so as which you do no longer could pay for those (some grant a cashback provider as a replace).