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Bds4us 2yu's List: HOME LOANS
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May 22, 11
Debt to Income Ratio / DTI Calculator - What are your mortgage Debt to Income Ratios? - Calculate your Debt to income ratios or DTI used by mortgage lenders to determine your maximum loan amount. There are two main debt to income ratio forumlas; a) front-end DTI - which is your housing expense / income and b) back-end DTI - which is housing + monthly liabilities / income.
The lower your debt to income ratio the better. The recommended debt to income ratios are 28 / 36. Generally you do not want your back-end DTI to exceed 42% or you will have difficulty qualifying for a loan. Use this debt to income ratio calculator to calculate your current debt to income ratios just like mortgage lenders. Learn more about debt to income ratios below.
Debt to Income Ratio Calculator Instructions
Step 1: Enter Gross Monthly Income
Step 2: Enter Minimum Monthly Liabilities
Step 3: Enter PITI Mortgage Payment / Rent Payment
Click "Calculate my Debt to Income Ratio"-
Debt to Income Ratio / DTI Calculator - What are your mortgage Debt to Income Ratios? - Calculate your Debt to income ratios or DTI used by mortgage lenders to determine your maximum loan amount. There are two main debt to income ratio forumlas; a) front-end DTI - which is your housing expense / income and b) back-end DTI - which is housing + monthly liabilities / income.
The lower your debt to income ratio the better. The recommended debt to income ratios are 28 / 36. Generally you do not want your back-end DTI to exceed 42% or you will have difficulty qualifying for a loan. Use this debt to income ratio calculator to calculate your current debt to income ratios just like mortgage lenders. Learn more about debt to income ratios below.
Debt to Income Ratio Calculator Instructions
Step 1: Enter Gross Monthly Income
Step 2: Enter Minimum Monthly Liabilities
Step 3: Enter PITI Mortgage Payment / Rent Payment
Click "Calculate my Debt to Income Ratio"
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May 19, 11
Loan Application Checklist
The documentation you will need to process your loan application includes:
1. Check for application fee
2. Property Information (if you already have a contract on a house)
Purchase Agreement.
Copy of legal description and MLS sheet.
Copy of listing contract. (If you are selling your current home)
Copy of settlement statement (HUD-1). (If you have sold your current home)
3. Income & Assets
Pay stubs for the last 30 days.
For the past two years:
Names and addresses of each employer.
W-2s
Statements for each bank, mutual fund, and/or investment account for the last three months.
Estimated value of personal property.
If you have made any large deposits to your accounts:
Explanation and source for deposit.
If large deposit was a gift:
Signed gift letter (lender can supply).
Copy of gift check.
Copy of deposit receipt.
If you own more than 25% of a business:
Corporate or partnership tax returns.
If Self-employed:
Tax returns for the last three years (with schedules).
Year-to-Date Profit and Loss Statement prepared by an accountant.
If you own rental property:
Tax returns for the last two years and current rental agreements.
If you are retired:
Pension Award Letter.
If you receive Social Security:
Social Security Award Letter.
If you are counting child support as income:
Copy of divorce settlement.
Copy of twelve months of cancelled child support checks.
4. Debts
Names, addresses, account numbers, balances and monthly payments on all current loans.
Explanation of negative credit report issues, including:
Late payments, credit inquiries in the last 90 days, charge-offs, collections, judgments and/or liens.
Bankruptcy filed within last seven years (bring a copy of your bankruptcy papers).
5. VA Loans
Copy of DD Form 214, Report of Separation.
6. Miscellaneous
Photo ID and proof of Social Security number.
If applicable, a copy of your divorce decree.
Home addresses for the past two years.
If you are not an American citizen, a copy of the front and back of your Green Card. -
MORTGAGE INFORMATION
Reference sites,Glossaries,How-To-Guides,Libraries
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Apr 29, 11
Mortgage X - Mortgage Information Service
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RATE INFORMATION
Interest Rates,Find Your Rates,Calculators to guide you.
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Apr 30, 11
Instant Rates & Good Faith Estimate.
No Personal Information Required -
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Apr 30, 11
Fixed Rate Mortgages
These mortgage loans have fixed interest rates for the duration of the loan. Fixed rate mortgages do not change and they are not tied to an index, unlike adjustable rate mortgages. The interest rate is fixed in advance at a specific interest rate -
Apr 29, 11
A Wide Variety of Mortgage Loan Calculators
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NEWS
INDUSTRY BREAKING NEWS & UPDATES
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REAL ESTATE
Real Estate News
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Find An Appraiser | Real Estate Appraisers | Appraiser Directory
Find an appraiser at Appraiser Guide USA.We are a national online appraiser directory that allows consumers and lenders to find licensed and certified real estate appraisers across the nation.
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INFORMATION
General Loan Info, Loan Types,Guidelines for Specific Loan Programs such as VA, FHA or other.
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