Date post: | 20-Feb-2017 |
Category: |
Real Estate |
Upload: | usequityadvantage |
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YOUR MONTHLY INCOME ANDEMPLOYMENT HISTORY
PAY STUBS OR P&L IF YOU ARESELF-EMPLOYED AND DOCUMENTATION
OF ALIMONY, CHILD SUPPORT,BANKRUPTCY, AND/OR DIVORCE.
TOTAL MONTHLY DEBT PAYMENTS AND RATIO TO INCOME
THIS INCLUDES AUTO LOANS, STUDENT LOANS AND CREDIT CARD MINIMUM PAYMENTS. MOST LENDERS REQUIRE THAT YOUR TOTAL MONTHLY DEBT BE NO MORE THAN 36% OF YOUR GROSS MONTHLY INCOME (DEBT-TO-INCOME RATIO).
YOUR CREDIT SCORE AND ANY CREDIT ISSUES IN THE
PAST FEW YEARS
YOUR ESTIMATED FICO CREDIT SCORE SHOULD BE AT LEAST 680 AND
PREFERABLY ABOVE 700.
HOME APPRAISAL
YOUR LENDER WILL DO THIS FOR A FEE, BUT THE HOME COLLATERAL VALUE NEEDS TO BE ESTABLISHED TO GET APPROVED.
DOWN PAYMENT
AT LEAST 10% DOWN PAYMENT UNLESS YOU'RE GETTING AN FHA LOAN OR
ANOTHER SPECIAL PROGRAM LOAN. IF YOU HAVE IT, CONSIDER PUTTING 20% DOWN TO AVOID PRIVATE MORTGAGE
INSURANCE (PMI).
PREAPPROVAL VS. PREQUALIFICATION
HOW MUCH HOUSE YOU CAN AFFORD
EXPERTS SAY YOUR MONTHLYMORTGAGE PAYMENT SHOULD NOT EXCEED 28% OF YOUR GROSS MONTHLY INCOME.
TRY A BIWEEKLY PAYMENT SERVICE TO PAY DOWN YOUR MORTGAGE FASTER
PRE-QUALIFICATION DOES NOT
REQUIRE YOUR SOCIAL SECURITY
NUMBER AND ALLOWS YOU TO
COMPARE LOAN DETAILS WITHOUT
HAVING YOUR CREDIT ACCESSED.
PRE-APPROVAL MEANS THE LENDER
RUNS YOUR CREDIT AND EVALUATES
YOUR FINANCES. THIS IS THE MOST
ACCURATE WAY TO SHOP FOR A HOME
LOAN; HOWEVER, IT DOES REQUIRE
YOUR SOCIAL SECURITY NUMBER AND
RESULTS IN A HARD INQUIRY ON YOUR
CREDIT REPORT.
HOW TO GETAPPROVED FOR
A MORTGAGE
http://www.moneyunder30.com/your-�rst-mortgage-how-to-apply-and-get-approvedhttp://www.moneyunder30.com/how-much-house-can-you-a�ord
https://www.lendingtree.com/mortgage/minimum-mortgage-quali�cations-article
INTEREST SAVED
$27,725PAY OFF 4 1/2 YEARS EARLY
BIWEEKLY
INTEREST SAVED
$030 YEAR TERMSTANDARD MORTGAGE
CREATED BY US EQUITY ADVANTAGE