Easily Remove Calculations in the Home Loan Application

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How to Remove Calculations in the Home Loan Application

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[Music] hello and welcome to this video where i am going to be explaining what can be a very complicated area when it comes to applying for a mortgage and that is calculating your income specifically employed income in a way that is acceptable to a lender so what do we mean by acceptable well its how that lender calculates it each lender will have their own criteria and rules around income and to make sure when youre assessing affordability that youre getting it right with a lender youd need to be calculating it how that lender wants it to be done otherwise the figure thats returned as the maximum allowable loan amount will be docHubly inflated if youve gone on the high side with your income and it is an area that people very often get wrong theyll think theyre able to qualify for a higher loan than they actually are theyll go off few properties agree a sale then when it comes to actually applying for the mortgage the amount that that lender grants them will be significan

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Got questions?

Below are some common questions from our customers that may provide you with the answer you're looking for. If you can't find an answer to your question, please don't hesitate to reach out to us.

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Do lenders base their calculations on your net income?

Gross income is the sum of all your wages, salaries, interest payments and other earnings before deductions such as taxes. While your net income accounts for your taxes and other deductions, your gross income does not. Lenders look at your gross income when determining how much of a monthly payment you can afford.

What does the loan calculations section tell you about your loan?

The form provides you with important information, including the estimated interest rate, monthly payment, and total closing costs for the loan. The Loan Estimate also gives you information about the estimated costs of taxes and insurance, and how the interest rate and payments may change in the future.

Can a loan modification remove a borrower?

To remove your own name from a mortgage, you and your co-borrower can ask the lender for an assumption or modification that would remove your name from the loan. If the lender wont change the existing loan, your co-borrower will need to refinance the home into a new mortgage.

How do lenders calculate monthly payment?

Mortgage payment formula your monthly interest rate Lenders provide you an annual rate so youll need to divide that figure by 12 (the number of months in a year) to get the monthly rate. If your interest rate is 5 percent, your monthly rate would be 0.004167 (0.05/12=0.004167).

What are loan amounts based on?

In determining an applicants maximum loan amount, lenders consider debt-to-income ratio, credit score, credit history, and financial profile.

What formula do lenders use?

Your debt-to-income ratio (DTI) is all your monthly debt payments divided by your gross monthly income. This number is one way lenders measure your ability to manage the monthly payments to repay the money you plan to borrow.

What do lenders base their calculations on?

Most lenders base their home loan qualification on both your total monthly gross income and your monthly expenses. These monthly expenses include property taxes, PMI, association dues, insurance, and credit card payments.

How do you calculate PMI remove?

Just multiply your original home purchase price by 0.80 for an estimate of when youll be rid of PMI payments. If you purchased a $300,000 home, for example, you can cancel your PMI when the principal balance docHubes $240,000.

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Remove Calculations in the Home Loan Application