Applied Wholesale Mortgage - Choose a Loan Program, Shopping for a Mortgage

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	Required Documents
	Common Questions
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	Glossary of Terms
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	- Application essentials - Appraisals - Credit ratings - Down Payment - Insurance - Refinance considerations

How much can I afford?

Monthly Income
Income 1
Income 2
Income 3

Down Payment
5 % 10 %
15 % 20 %

Monthly Payments
Auto Loans
Student Loans
Installment Loans
Revolving Accts
Other Debts

Mortgage Information
Interest Rate
Term in Years
Front Ratio
Back Ratio

Instructions

Enter the total pre-tax monthly income of all borrowers. Enter the total monthly obligations of all borrowers. Include minimum monthly payments of all accounts that will not be paid in less than 10 months to calculate your monthly obligations. Enter expected mortgage rate and term and amount available for your down payment.

Results

Monthly Income:	$4,000.00
Monthly Obligations:	$400.00
Front Ratio:	26.00%
Back Ratio:	36.00%

Home Value:	$117,924.42
Down Payment:	$5,896.22
Loan Amount:	$112,028.20
Loan To Value Ratio:	95.00%

Principal and Interest:	$783.32
Monthly Taxes:	$108.10
Monthly Hazard Insurance:	$58.96
Monthly Mortgage Insurance:	$89.62
Total Mortgage Payment:	$1,040.00

Explanation

Mortgage Lenders uses ratios to analyze your mortgage payment. The housing payment ratio (or front) ratio, guideline is %. The ratio compares your total mortgage payment to your monthly income. The total debt expense (or back) ratio is %. This ratio compares your total monthly obligations including your total mortgage payment to your monthly income. These ratios are meant to be used as guides. Please consult with a mortgage professional for a complete prequalification analysis.

Fill our Pre-approval Application. Get a real commitment.

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You can pick information from your pre-approval or submit an altogether new application.
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Select a settlement agent / title company.

Closing costs estimate: know exactly how much cash you'll need at your closing.

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The way a loan should be.