Colli Real Estate

How can I get an estimate of how much mortgage I can get to buy a house? Any tips? Serious answers, please!?

I mean if I have a steady source of income, a good credit history and am in the market for buying a house, how can I calculate how much the bank is willing to lend me, how much down payment should I pay etc ?

OK, first you have to understand what your Debt-to-Income Ratio is. To get your DTI perform the following.

Take your gross annual income and divide it by 12. This will give you your monthly income. Divide your monthly income by two, the result will be your 50% DTI point which is what many programs allow as their max.

Now, subtract estimate monthly taxes and homeowners insurance as well as any car loans, credit card payments, personal loans, etc. The remainder will be what the bank thinks you can afford as your principal and interest payment.

Take this P&I payment amount and plug it into one of the many mortgage loan calculators out on the web. http://www.bankrate.com & http://www.myfico.com are two that have nice ones.

You’ll have to know what interest rate you could get based upon your good credit to enter into the calculator.

Hope that helped, if you need further assistance please don’t hesitate to ask!

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