subject: How Much Can I Borrow For a Mortgage? Qualify Yourself For a Mortgage in 3 Easy Steps [print this page] Are you wondering.Are you wondering.. How much Can I Borrow for a Mortgage? If so, then before going through the whole process of going to a Loan Officer, having your credit pulled and having to wait forever to find out how much you can borrow with these 3 Steps
The first thing we need to do is come up with a Total of your Monthly Obligations. But, you only need to add up things that show up on your Credit Report such as Bank Loans (student, auto, business or personal), Credit Cards (but we have only the minimum payment for the monthly expenses use) and all other "revolving" debt you can pay monthly.
Now you can not "expect" include payments such as insurance benefits (for residential buildings to be), cell phones, utilities (cable, gas, electricity, etc.) or something else, without any future obligation can be lifted.
However, if a purchase or refinance "mortgage" need to get the Monthly Insurance & Taxes add "Payments to the monthly payments do if your calculations.
You also need to calculate your "Proposed Mortgage / Loan Payment" and add that into the sum of the monthly payments / expenses.
Quick Note: If you are refinancing costs, then you are not the "current" mortgage payment, because soon the mortgage loan that you are for you!
Step 2
Calculation of your monthly income
Next, we need to find out what your monthly income for you and someoneothers, is on the Mortgage / Loan
Here are some guidelines
1. Overtime income from overtime can only apply your monthly income will be generated if and only if you overtime per week for at least 2 years.
2. Disability payments to payments for "disability", you get "you have to say in the documentation from your doctor that you at least the next 2 years and proof that your payments will also get off continuesfor the next 2 years.
3. Rental income-to use "rental income" when calculating your monthly income, then you have signed a "lease" to show that you will rent for his receipt of a "guaranteed" amount of time. If you do not have a lease, then you can show "account statements" shows monthly deposits every month or canceled checks from the tenants.
