Posted on: 21st Jan, 2008 12:04 pm
I found this on a webpage when I was surfing around for a question I had, thought it would be useful here to someone.
Quote:
[size=9:29ed0bc7fd][color=Red:29ed0bc7fd][System detected duplicate content, converted into image. Thanks][/color:29ed0bc7fd][/size:29ed0bc7fd]
Quote:
[size=9:29ed0bc7fd][color=Red:29ed0bc7fd][System detected duplicate content, converted into image. Thanks][/color:29ed0bc7fd][/size:29ed0bc7fd]
Some more useful advice:
Quote:
[System detected duplicate content, converted into image. Thanks.]
Quote:
[System detected duplicate content, converted into image. Thanks.]
Buying a home is a big expense and one that will be with you for a long, long time, you should do all your research and don't jump at the first mortgage offer, get a second and third opinion, treat it like surgery. You have options explore them all before making this big decision.
While this is a very informative post........DU will actually allow for a 65% debt ratio(back end) and most Alt-A loans will go to 50 or55%....
Every lender differs on how much they will allow for a debt to income ratio thus the amount you qualify with one lender could be different with another.
I also wanted to note that most lenders will allow you to borrow more than you may feel confortable with. They do not take into consideration utilities, day care, etc. I would think about what payment you know you can afford before going out and buying the maximum that the bank says you can afford.
"I found this on a webpage when I was surfing around for a question I had, thought it would be useful here to someone."
Where did you find this information? Although it could be useful and I am sure you have the best of intentions, it is not recommended to post information found on other websites. It could be seen as a form of plagiarism. At a minimum you should provide a credit to the original creator of the content.
Please read http://www.mortgagefit.com/terms-services.html for the guidelines on posting.
Sincerely
Where did you find this information? Although it could be useful and I am sure you have the best of intentions, it is not recommended to post information found on other websites. It could be seen as a form of plagiarism. At a minimum you should provide a credit to the original creator of the content.
Please read http://www.mortgagefit.com/terms-services.html for the guidelines on posting.
Sincerely
lisa, you're right about the behavior of lenders who don't take into account such things as utilities. it's the market standard, however; and we have also found that if you tell someone he or she isn't qualified for the mortgage requested, the next lender will be happy to make the loan.
and people get angry if you tell them they can't afford what they want. it's a hard road sometimes.
and people get angry if you tell them they can't afford what they want. it's a hard road sometimes.
I agree,
I actually don't like to give an approval amount. I tell my client to tell me what they can afford. That way they come up with a real amount not just the amount I can qualify them for.
I actually don't like to give an approval amount. I tell my client to tell me what they can afford. That way they come up with a real amount not just the amount I can qualify them for.