Earlier this week I had a request for a Mortgage Approval from a borrower who wanted to buy a Short-sale. My first concern was that I thought everyone who knew me, knew that I had a mortgage website with a monthly mortgage calculator. They don’t and some people were not aware that I’m working with GuaranteedRate.com/MichaelHurney
Anyway She wanted to know how much money she could borrow to buy the house. Going to the website and clicking on Calculators at the top right provides you with several options and of course Maximum Mortgage is just what she wanted
For those who need an approval I can do this easily and quickly on line while we speak over a phone. I’m also able to run your credit and ship it out to you with suggestions on FICO score improvements (which when raising your score lowers your interest rate). Help you with Comps (Comparable Market Sales to make sure you decide value and don’t pay for an Appraisal you can’t do anything with) Then run our Automated system which can put you in 2 or 3 different scenarios (30 Fixed Rate Mortgage, 7 year Adjustable Rate Mortgage, Jumbo amounts, 203k Fix-ups and FHA low downpayment).
Back to our investor and how she did with our monthly mortgage calculator,
Monthly income $4,500. Auto loan $250/mo. Student loan 100/mo. Monthly cc payment $200. Interest rate 6.5% for an investor property, 30 yr FRM and 20% downpayment. I can look up the property tax and estimate insurance for a more accurate Qualification but she only wanted something quick.
Answer: $42,321 Downpayment, Price of home limit of $211,607. and a monthly PI (Principal & Interest) payment of $1070. However an aggressive estimate let’s her buy a house for $265,003! Need any help with this monthly mortgage calculator or want an Approval? You can give me a quick call on my cell at 781-405-1845 Mike Hurney