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Pre Approved Mortgage Calculator

[Summary]Mortgage Prequalification Calculator : Do you Prequalify For Mortgage? | Calculators4Mortgages G 18, Jul, 2008 Hmmmmmm....I just did this for a kick because we received our actual prequalification letter today. This calculator pre-qualified us for $1

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Mortgage Prequalification Calculator : Do you Prequalify For Mortgage? | Calculators4Mortgages

G 18, Jul, 2008

Hmmmmmm....I just did this for a kick because we received our actual prequalification letter today. This calculator pre-qualified us for $130,000 LESS than our actual prequalification and for a payment that is almost $200 below what we are currently paying for rent. Not very accurate. - - - - EDITOR'S COMMENT: Actually, the calculator is accurate, but there's no law that says a given lender has to stick to the industry standard when deciding how much to lend you. Your lender is allowing you to stretch yourself thinner than most other lenders would feel comfortable with. Perhaps you have savings or other assets that could be converted into cash if you get into trouble, and this has raised your lender's confidence in your ability to repay. Or perhaps you're about to finish up a degree that will increase your employability significantly. Something has convinced the lender to lend you $130,000 more than would normally be practical. As to your other observation, the reason the calculator produced a lower payment is, of course, if you were to borrow $130,000 less, your monthly payment would be considerably lower that what your lender quoted you. Let me end with a note of friendly, cautionary advice. Borrowing as much as you possibly can is not the only path forward. If you can be happy while living below your means (finding a way to enjoy life while keeping your living expenses lower than average for your income), you will be less likely to find yourself plagued by future financial worries, you'll be able to pay cash for items you would othewise find yourself financing (such as furniture, vacations and automobiles), you'll be able to save more for emergencies, and you'll be in a better position to plan for a more enjoyable retirement. Please forgive me if I am being forward in saying this. It's just something to consider - some solid advice from my father to me, and now to you.

Chase Mortgage Affordability Calculator

Calculator results are based on a debt-to-income ratio of 43%. Even though you may qualify for the amount listed above, it may not be suitable for you. You should review your personal situation, and work with your financial advisor, to decide how much you can comfortably afford to borrow.

Your debt-to-income ratio is calculated by adding up all of your monthly debt payments and dividing them by your gross monthly income. Your gross monthly income is generally the amount of money you have earned before your taxes and other deductions are taken out. For example, if you pay $1500 a month for your mortgage and another $100 a month for an auto loan and $400 a month for the rest of your debts, your monthly debt payments are $2000. ($1500 + $100 + $400 = $2,000.) If your gross monthly income is $6000, then your debt-to-income ratio is 33 percent ($2000 is 33% of $6000).

Get Pre-Approved for a Mortgage

Pre-Qualified, Pre-Approved…What's the Difference?

When you're pre-qualified for a mortgage, a lender has simply given you a good idea of how much you may be able to finance to buy your home.

When you've got a pre-approved mortgage, a lender has made an actual commitment (subject to conditions such as a property valuation) to loan you money. Mortgage pre-approval should be your first step when you're seriously looking for a home to buy.

How Much Can I Borrow Calculator | Prequalification Mortgage Calculator CT

Mailing Address
P.O. Box 1000
New Britain, CT
06050-1000

Phone:
Main: 800.382.0017
Fax: 860.356.0160
Branch: 800.781.1180

TD Canada Trust | Mortgages | Your Home Financing Plan

Income Confirmation:

If salaried or hourly employment (full time or regular part time) – provide one of the following

A letter from your employer on Company Letterhead which includes your name, salary or hourly pay rate and name and title of person signing the letter

Current pay stubs

Copy of a current Bank Account Statement showing direct deposit of your income

[Editor: Admin]
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