How much money would a bank lend you for a morgage?

Question

In terms of gross salary multiples?

Answer 1

If you go to Bankrate.com they have a whole section about Mortgage. They have a calculator that if you type in how much you make they can give you a range of how much you could qualify for.
They also have other information about Mortgages that is great to check out before you head in to do a application.

Answer 2

It depends, most banks will lend a maximum of 40% debt to income. So in terms of a gross salary multiplier, if you make a total of $2000 per month, the total of your monthly payments can not be more than $800 (including any potential loan payment)

There are many other factors too, including your credit score among others. Also some institutions will lend up to 70% DTI, however you will be paying a lot of fees and interest.

Try this calculator, it may help.
http://partners.leadfusion.com/leadfusion/neacalc/home01/tool.fcs

Answer 3

It depends on many factors. They look at how much you make and or your spouse. They take into affect your credit score, how much debt you have and also how long you have been at your job. Mortgage companies use something called DTV ( debt to value), to determine the percentage of how much of your pay check a month would have to go to your mortgage payment.
It is good to have money to put down when taking out a mortgage. Most banks ask that you put down 20%.

Answer 4

Go to your bank and ask. If you've got heavy debt already or a poor credit rating it may affect the mortgage.

Answer 5

depends on a number of factors...
your income ,
your credit history ,
your house value ....


Write the case details at [e-mail] .Will provide you all the options that are open for you .

regards,
kish
480.751.4125
Loan Officer

Answer 6

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