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How do you calculate the back ratio when applying for a mortgage?
WriteClub
Add all debt (anything a person pays interest on) includingprinciple and interest house payment
Divide that by monthly net income = back end ratio
example:
340 truck + 50 credit card + 1250 house payment = $1640
1640 divided by monthly income (4000)= 41%
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∙ 14y ago
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What is the highest debt to income ratio you can have and still get approved for a mortgage?
Typically 50% Debt to Income ratio. Some lenders will let you go higher. For example I have gotten customers approved with a DTI ratio of 124%, but the customer had over 500K in retirement funds and a medium credit score of 803 and the Loan to Value was only 60%. A lot of different factors go into providing an approval to a customer. What I would recommend is to call your local bank and see if you can do a free pre-approval to see if they can get you approved based on your particular situation. The original question pertains to DTI ratios for mortgages. The standard "front ratio" is 28 percent. To calculate the front ratio, divide the total payment (principal, interest, insurance, and taxes) by your gross monthly income. If it's over 28 percent, you may not be eligible for conventional mortgages. The standard "back ratio" is 36 percent. To calculate the back ratio, add up all your monthly debt -- mortgage payment, credit cards, school loans, car payments, etc. -- and divide that by your gross monthly salary. If that is more than 36 percent, that may also disqualify you.
How do you pay back Reverse mortgage?
A reverse mortgage, also known as a Home Equity Conversion Mortgage (HECM) is a relatively new product. A reverse mortgage is a loan against the equity in your home that you don't need to pay back for as long as you live in the home.
Can you use your previous rental payments to pay towrad a down payment on a mortgage?
No, not unless you had that agreement in writing with the owner of the property who has agreed to take back a mortgage in a sale of the property to you.No, not unless you had that agreement in writing with the owner of the property who has agreed to take back a mortgage in a sale of the property to you.No, not unless you had that agreement in writing with the owner of the property who has agreed to take back a mortgage in a sale of the property to you.No, not unless you had that agreement in writing with the owner of the property who has agreed to take back a mortgage in a sale of the property to you.
Is it possible to get cash back on a mortgage refinance?
It is indeed possible but you should first determine if refinancing your mortgage will be favorable. You can then apply for a new mortgage after you have decided on the amount of cash that you need.
What does PMI Mortgage Insurance mean?
A PMI mortgage is a policy issued by a private mortgage insurers, which will protect lenders against the loss of browser defaults. This form of mortgage allows the lender to pay back as little as 3% at a time.
What is the highest debt to income ratio you can have and still get approved for a mortgage?
Typically 50% Debt to Income ratio. Some lenders will let you go higher. For example I have gotten customers approved with a DTI ratio of 124%, but the customer had over 500K in retirement funds and a medium credit score of 803 and the Loan to Value was only 60%. A lot of different factors go into providing an approval to a customer. What I would recommend is to call your local bank and see if you can do a free pre-approval to see if they can get you approved based on your particular situation. The original question pertains to DTI ratios for mortgages. The standard "front ratio" is 28 percent. To calculate the front ratio, divide the total payment (principal, interest, insurance, and taxes) by your gross monthly income. If it's over 28 percent, you may not be eligible for conventional mortgages. The standard "back ratio" is 36 percent. To calculate the back ratio, add up all your monthly debt -- mortgage payment, credit cards, school loans, car payments, etc. -- and divide that by your gross monthly salary. If that is more than 36 percent, that may also disqualify you.
Can you get automatic stay back after the mortgage company file for motion relief?
We have a lawyer but he has not contact us back. We are behind on the mortgage.
How do you pay back Reverse mortgage?
A reverse mortgage, also known as a Home Equity Conversion Mortgage (HECM) is a relatively new product. A reverse mortgage is a loan against the equity in your home that you don't need to pay back for as long as you live in the home.
Can you use your previous rental payments to pay towrad a down payment on a mortgage?
No, not unless you had that agreement in writing with the owner of the property who has agreed to take back a mortgage in a sale of the property to you.No, not unless you had that agreement in writing with the owner of the property who has agreed to take back a mortgage in a sale of the property to you.No, not unless you had that agreement in writing with the owner of the property who has agreed to take back a mortgage in a sale of the property to you.No, not unless you had that agreement in writing with the owner of the property who has agreed to take back a mortgage in a sale of the property to you.
What can be done with a mature mortgage?
A mature mortgage has usually amortized and paid itself out. If it has been paid out the mortgage lender will send you your original Security deed back.
Front to back ratio of antennas?
is the ratio between the peak amplitudes of the main and back lobes expressed in dB
Is there any online training on how to pay off mortgage early?
You just can pay your full mortgage off at once. So you would have no mortgage left you have to pay back :)
How much will you get back on mortgage interest?
Either your question is poorly worded, or one of us is deeply confused about how interest works. You normally don't get ANYTHING back on mortgage interest.
What are the procedures when applying for loan?
go to the back and ask for it......
Is it possible to get cash back on a mortgage refinance?
It is indeed possible but you should first determine if refinancing your mortgage will be favorable. You can then apply for a new mortgage after you have decided on the amount of cash that you need.
What does PMI Mortgage Insurance mean?
A PMI mortgage is a policy issued by a private mortgage insurers, which will protect lenders against the loss of browser defaults. This form of mortgage allows the lender to pay back as little as 3% at a time.
Do you still have to pay back your mortgage if your house for sale?
Of course. Until you pay off the mortgage loan, you have to pay payments on the home.
