Finance Questions

Posts Tagged ‘home mortgage finance calculator’

Question: Are mortgage/preapproval calculators anywhere near accurate??

We're closing on a refi, and our broker will submit preapproval request (we want to buy elsewhere) after that is all done in a week and a half. He is totally confident we will have no problems, but of couse he cant' promise anything. There is a house we want to put a offer on (conditional on financing coming through) and we have crunched the numbers with the mortagage/preapproval calculators on the net. It looks fine, and we know this is simply a calculation and not a bank. Can we put any faith in the calculators at all? And yes we know nothing is final until the bank says so. Just wondering about calculator numbers. Thanks...

Answer: Most are probably more conservative than banks actually are or have been lately.

Are they taking into account all your other monthly obligations?

Basically, you shouldn't want to spend more than 50% of your gross monthly income on all debt (excluding utilities).

What's the 2nd house you are buying? Investment? 2nd home? Is there rent income coming in from it?

Online qualification estimators could vary widely in what assumptions and ratios they use. Most importantly, can you make the payments? Do you have some cash reserves? If you went 3 months without income, what would happen?

The reality is, and you're seeing evidence of it all over the news, you can often get approved for more than you should take on. So do your own math, your own budgeting, and make sure you can truly afford it.

how to use mobile mortgage calculator - morecalculators.com

Question: When buying a new home, do I have to use the builder's bank to finance my mortgage?

I bought a new home from the builder. The builder deals with a certain bank and they want me to get my mortgage from the same bank they are dealing with. Do they have the rights to do this? Or, am I free to choose whichever bank I want?

Answer: YES AND NO'
SOMETIMES BUILDERS MAKE A PACKAGE DEAL WITH A LENDER ,WHO IN TURN CAN OFFER TERMS AND RATES THAT OTHER LENDER WOULD
NOT.ANOTHER ISSUE IS ,IF THE PROJECT IS A NEW HOUSING TRACK,MOST CONVENTIONAL LENDERS WANT TO SEE AT LEAST HALF THE PROJECT HAS BEEN SOLD.WHERE AS BUILDER 'S PREFERD LENDER MAY NOT HAVE THAT CONDITION.BUILDER'S LENDER CAN ALSO OFFER REDUCED COST,BECAUSE OF MASS BUSINESS.

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