Loan amount is nealry 465K. Interest rate is another issue. I am not sure how it is going to be. But the main concern is that does it matter applying with some debt or with Zero debt for a home loan? What is the monthly payment going to be?
2007-02-04 12:57:49 · 5 answers · asked by jay s 4 in Business & Finance ➔ Renting & Real Estate
By having no debt, the amount of loan you qualify for will be higher. One of the factors a lender looks at is your debt to income ratio. The more debt you have besides your house means you have less monthly green to spend on your house payment.
Can't tell you what your house payment will be unless you provide the full data: Loan amount, length of time of loan, and interest rate.
Mortgage Broker / Tax Advisor
2007-02-04 13:02:21 · answer #1 · answered by WealthBuilder 4 · 3⤊ 0⤋
DO NOT Make any dramatic change to your finances or that could impact your credit score. If you have the cash to satisfy any debts, you can ALWAYS do that at closing if you need to or if it gives you a more favorable loan-to-value or debt-to-income.
You need to sit down with a trusted mortgage broker (or two) and get prequalified. They will give you a good idea of taxes/insurance in your area as well. These will dramatically impact your monthly payment. If you are just looking for your principal and interest payment - figure mid sixes if you need a jumbo loan (one > 417k) IF you put some money down (10-20%). This would give you ~2940/month for a 30 year fixed.
Best of luck!
Joe...
2007-02-04 14:36:08 · answer #2 · answered by Joe K 3 · 0⤊ 0⤋
It's not recommended to have zero debt, but if thats what you prefer then you can have it your way. As long as your debt don't take up too much of your income you're good to go, If it's a loan your looking for I can get it for you. Contact me at jcodner@hilltoplending.com
2007-02-04 13:11:51 · answer #3 · answered by josephcodner 2 · 0⤊ 1⤋
It relies upon on your earnings. the main important ingredient considered is your debt-to-earnings ratio. you would be financed in keeping with this; no person is going to furnish you a private loan it rather is better than you are able to discover the money for. The ratio determines what you are able to discover the money for and you'd be financed for this reason.
2016-09-28 10:34:18 · answer #4 · answered by gizzi 4 · 0⤊ 0⤋
You can be prequalified by the bank or credit union where you have your checking & savings account.
They can help you get your credit report too!
Timely or early paying down of credit cards makes you have a better if not excellent credit report.
GOD bless us always.
2007-02-04 13:01:57 · answer #5 · answered by May I help You? 6 · 1⤊ 0⤋