About Qualifying

Tools To Determine How Much You Can Afford To Pay For A Home

For a quick estimate use the Qualifying Form on the next page . . . but before you do this, here's what you need to know:

1.  You (and your spouse's) gross annual income (before any  deductions)
2.  The monthly payments you make for student & auto loans, child support,  etc.
3.  The mortgage interest rate  (adjustable or fixed) that you're interested in
4.   The amount of downpayment that's comfortable --  3% ,  5%,  10%  or 20%

Enter this information on the following form, then click down to the SUMMMARY to find:

• The Mortgage Payment that you can afford

• The Purchase Price of a home that you can afford

• The Price Range you should be looking in

• An estimate of your Loan Settlement costs

• The CASH you must have in hand to close the deal

Most borrower's have some regularly occurring monthly payments, so they'll be using the DEBT column of the form.  Otherwise use the NO DEBT column to enter your information.

After figuring  your affordable monthly payment,  go to the Mortgage Calculator to obtain your Affordable Mortgage - then follow the links to the SUMMARY sheet to finish your manual calculations.

The form is widely used by lenders to assess the applicant's financial ability to carry a mortgage.  But life is full of special situations and if the form leaves you doubtful in any way then by all means consult with a banker of mortgage broker.

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