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Is it true if mortgage payment is over 31 percent of income mortgage companies must lower rate?
Wiki User
∙ 14y ago
During the mortgage signing, there was a note signed and the note that was signed is a binding contract between two parties; the mortgagor (borrower) and the mortgagee (lender) and the terms of the loan are spelled out within the note (which is a promise to pay.) Within the note are the beginning date and ending dates as well as the interest rate (fixed or variable), loan amount and monthly payment. In most states this rate cannot be changed with out "modification" of the original note. It is a voluntary process where by the bank allows the interest rate on a particular loan to be reduce in the case that it is a slight hardship. If the loan payments are a great hardship, and it seems that payment is not possible even if the rate is lowered a great deal, then the bank may take other measures that often result in liquidation of the property. But in some cases a short sale may be an option, or offering a deed in lieu of foreclosure. Banks have many tools at their disposal to avoid foreclosure, the borrower simply needs to ask before it is too late for the bank to help.
Wiki User
∙ 14y ago
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How much is mortgage average payment per month?
Your average mortgage rate and payment depend on many factors including where you are looking to purchase your house, personal income, and your credit score. Many mortgage companies offer online mortgage calculators that can be useful in determining what your monthly home loan payment will be.
Income should be paid on a house payment?
25 percent of income should go to house payment but the average is more like 50 percent.
Can a person with lower income and good credit still get a mortgage without a cosigner if their down payment is large?
As long as their debt to income ratio is low enough. Generally your mortgage payment should be 25-35% of your net income (what you actually bring home)
What is the maximum percentage of a borrower's income that can be used to make the monthly mortgage payment called?
Debt to income ratio
How much should you save up to make a down payment on a house?
You would be smart to put down at least 20% of the home price. This will protect you from price fluctuations as well as qualifying you for lower mortgage rates.Another consideration is how much you can afford to pay monthly for your mortgage. A larger down payment (or cheaper house!) will allow you to fix a reasonable payment for the income you earn. In the past, it was recommended that you not get a mortgage for more than 2.5% of your income and that the total payments for insurance, taxes and mortgage be less than 1/3 of your net income.
How much is mortgage average payment per month?
Your average mortgage rate and payment depend on many factors including where you are looking to purchase your house, personal income, and your credit score. Many mortgage companies offer online mortgage calculators that can be useful in determining what your monthly home loan payment will be.
Income should be paid on a house payment?
25 percent of income should go to house payment but the average is more like 50 percent.
Can a person with lower income and good credit still get a mortgage without a cosigner if their down payment is large?
As long as their debt to income ratio is low enough. Generally your mortgage payment should be 25-35% of your net income (what you actually bring home)
What is the maximum percentage of a borrower's income that can be used to make the monthly mortgage payment called?
Debt to income ratio
Can I get a mortgage in my name using my live-in boyfriend's income?
No. In order to obtain a mortgage in your name, you have to prove that you, as the mortgage holder, will be able to pay the mortgage yourself. The banks do not consider a live-in boyfriend's income a reliable source of income for yourself, nor can they hold him responsible for payment if the mortgage is in your name. You will have to get the mortgage based on your income, unless you and he put the mortgage in both names, using both of your incomes.
What would my mortgage payment be on a 650,000.oo no income verification loan?
over 4000 a month
How much should you save up to make a down payment on a house?
You would be smart to put down at least 20% of the home price. This will protect you from price fluctuations as well as qualifying you for lower mortgage rates.Another consideration is how much you can afford to pay monthly for your mortgage. A larger down payment (or cheaper house!) will allow you to fix a reasonable payment for the income you earn. In the past, it was recommended that you not get a mortgage for more than 2.5% of your income and that the total payments for insurance, taxes and mortgage be less than 1/3 of your net income.
What is a payment to the church of 10 percent of persons income called?
Tithe
Payment to the church of 10 percent of a persons income?
Tithe (or tithing)
Payment to the church of 10 percent of a person's income?
This is known as a TITHE.
Is it possible for a student to get a mortgage with a partner that is already employed full time?
Yes, as long as there is enough income to support the payment. If you as a student do not have any income, the other person will have to prove the income to support the new mortgage payment, any loans (car,/student loans), credit cards in both names and the taxes & hazard insurance.
Maximum Mortgage?
Maximum Mortgage What is your maximum mortgage? That largely depends on your income and current monthly debt payments. This calculator collects these important variables and determines your maximum monthly housing payment and the resulting mortgage amount.
