MORTGAGE AFFILIATES
 
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We are your "MORTGAGE PEOPLE"

18 Down Street, Danbury, CT

Generally speaking, your income will be one of the major factors which will determine the amount of a mortgage that one may obtain. There is a definite relationship between the maximum amount of monthly mortgage payment that one may qualify for and the amount of income that one earns. Most lenders will feel comfortable as long as your monthly payment Also known as PITI principal and interest, plus one twelfth of your real estate taxes and applicable insurance (hazard and private mortgage insurance (if necessary), DOES NOT EXCEED APPROXIMATELY 33% OF YOU GROSS MONTHLY RECURRING INCOME. The more difficult task at hand here is to be able to determine what elements of your income may NOT be considered to be recurring.

EXAMPLE: Persons with less than two years of documented "bonus, commission or overtime", may find that it will NOT be counted toward qualifying income. It may ONLY be considered as a compensating factor. Mortgage lenders will also want to review the relationship between your NEW MONTHLY PAYMENT(PITI) AND YOU REGULAR RECURRING MONTHLY OBLIGATIONS. These could possibly include payments for auto, student, credit cards, leases, alimony, child support, etc. Generally, most lenders will not want your new monthly payment PLUS your regular monthly recurring obligations to exceed approximately 39%-40% of your gross monthly income. Any installment debt which has 10 payments or more remaining, generally must be included in the calculations. While this can give you an idea of how much of a mortgage a lender would feel comfortable with, only an experienced loan officer can accurately determine the amount of a mortgage that most lenders would most likely approve. A basic interview and review of certain pertinent facts with a Mortgage Affiliates loan officer is called a Pre-Qualification. This is in principle only. There is no guarantee that your loan will actually be approved. BEWARE! If you have had some type of financial difficulty or there is the least bit of question whether or not you loan would be approved, you should seriously consider a Pre-approval. Basically, this is applying for a mortgage without having a home in mind. There is usually only a minor fee, it takes less than ten days and can ease the minds of both buy and seller alike. To complete the Pre-Approval process, you must accumulate a substantial about of paperwork, however, if you are going to do this transaction, you will need to do it sometime any way. Why not now?

 


Call Mortgage Affiliates
at (203) 730-4070 today!


 

About Us | Contact Us | Site Map | Price Calculator | How Much Can I Qualify For? | What type of a mortgage should I obtain? | How long will I have this new mortgage? | When should I apply?  | Should I choose a bank or a mortgage company? | What is private mortgage insurance (PMI)?  | What if my credit rating is not as good as it use to be?  | Is there any help for first-time homebuyers?  | Should I consider refinancing my mortgage? | How can I get the lowest interest rate?




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