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HLS
ParticipantDRA,,
There is no magic number that is a guarantee.It depends on what rate you choose. If you buy down the rate, your payment will be lower. It depends on property taxes and if there is mello roos. It depends on your insurance premium. Fire hazard areas have higher premiums. Depends on the source of income.
Loan approvals are a result of automated underwriting. Each borrower has a different scenario. The auto system factors in credit, income, assets, expenses, history and who knows what else. It is NOT a manual approval.
The info that you are providing cannot be entered to get an approval.For a $546K loan at 4.50% 30 YR Fixed, A GENERAL answer to your question is probably at least $90K-$100K Could be more, could be less,documented straight salary…may need at least 2 years on the same job.
Income that includes bonus, commission or overtime may be viewed differently, as is self employment or other income.People can still get approved to borrow more than they should be comfortable borrowing, but many times additional sources of income cannot be used, so the situation isn’t as crazy as it looks.
A real approval can be attempted for the cost of a mortgage credit report. $14 for 1, $22 for a couple. Without this exact info and an approval, general questions can only get general answers.
Even an underwriter doesn’t know what will get approved until they run the scenario.Lots of people who think that they qualify for a loan today do not actually qualify.
ParticipantTAZ, My contact info is above.
The current cost to get down to the low 4’s is a simple math equation. For those who qualify, you will effectively prepay 2 to 3 years worth of interest to lock in a lower rate fixed for 30 years.
If the payback period is 3 years, it is like earning 33% a year on the investment, guaranteed.
Every year beyond that is additional savings. FREE money.Most people, including mortgage folks, only look at the total cost divided by the monthly payment savings, which is not exactly correct.
Anybody who qualifies and plans on staying in the loan for at least 3 years should look at this.
Even if you want to pay the loan off in full in 5 years, these are better options than being in higher rate loans.Those who don’t want to “waste money” by paying for a refi are “wasting money” every single month that they stay in a higher rate loan.
People would pee in their pants to get a 6% guaranteed return in a retirement account, but aren’t willing to understand a 33% return that is guaranteed.
Many people just don’t qualify today and are stuck in a silly rate forever because they got a “no cost” loan that will end up costing a small fortune in the long run. ,,penny wise, dollar foolish. HLS
ParticipantTAZ, My contact info is above.
The current cost to get down to the low 4’s is a simple math equation. For those who qualify, you will effectively prepay 2 to 3 years worth of interest to lock in a lower rate fixed for 30 years.
If the payback period is 3 years, it is like earning 33% a year on the investment, guaranteed.
Every year beyond that is additional savings. FREE money.Most people, including mortgage folks, only look at the total cost divided by the monthly payment savings, which is not exactly correct.
Anybody who qualifies and plans on staying in the loan for at least 3 years should look at this.
Even if you want to pay the loan off in full in 5 years, these are better options than being in higher rate loans.Those who don’t want to “waste money” by paying for a refi are “wasting money” every single month that they stay in a higher rate loan.
People would pee in their pants to get a 6% guaranteed return in a retirement account, but aren’t willing to understand a 33% return that is guaranteed.
Many people just don’t qualify today and are stuck in a silly rate forever because they got a “no cost” loan that will end up costing a small fortune in the long run. ,,penny wise, dollar foolish. HLS
ParticipantTAZ, My contact info is above.
The current cost to get down to the low 4’s is a simple math equation. For those who qualify, you will effectively prepay 2 to 3 years worth of interest to lock in a lower rate fixed for 30 years.
If the payback period is 3 years, it is like earning 33% a year on the investment, guaranteed.
Every year beyond that is additional savings. FREE money.Most people, including mortgage folks, only look at the total cost divided by the monthly payment savings, which is not exactly correct.
Anybody who qualifies and plans on staying in the loan for at least 3 years should look at this.
Even if you want to pay the loan off in full in 5 years, these are better options than being in higher rate loans.Those who don’t want to “waste money” by paying for a refi are “wasting money” every single month that they stay in a higher rate loan.
People would pee in their pants to get a 6% guaranteed return in a retirement account, but aren’t willing to understand a 33% return that is guaranteed.
Many people just don’t qualify today and are stuck in a silly rate forever because they got a “no cost” loan that will end up costing a small fortune in the long run. ,,penny wise, dollar foolish. HLS
ParticipantTAZ, My contact info is above.
The current cost to get down to the low 4’s is a simple math equation. For those who qualify, you will effectively prepay 2 to 3 years worth of interest to lock in a lower rate fixed for 30 years.
If the payback period is 3 years, it is like earning 33% a year on the investment, guaranteed.
Every year beyond that is additional savings. FREE money.Most people, including mortgage folks, only look at the total cost divided by the monthly payment savings, which is not exactly correct.
Anybody who qualifies and plans on staying in the loan for at least 3 years should look at this.
Even if you want to pay the loan off in full in 5 years, these are better options than being in higher rate loans.Those who don’t want to “waste money” by paying for a refi are “wasting money” every single month that they stay in a higher rate loan.
People would pee in their pants to get a 6% guaranteed return in a retirement account, but aren’t willing to understand a 33% return that is guaranteed.
Many people just don’t qualify today and are stuck in a silly rate forever because they got a “no cost” loan that will end up costing a small fortune in the long run. ,,penny wise, dollar foolish. HLS
ParticipantTAZ, My contact info is above.
The current cost to get down to the low 4’s is a simple math equation. For those who qualify, you will effectively prepay 2 to 3 years worth of interest to lock in a lower rate fixed for 30 years.
If the payback period is 3 years, it is like earning 33% a year on the investment, guaranteed.
Every year beyond that is additional savings. FREE money.Most people, including mortgage folks, only look at the total cost divided by the monthly payment savings, which is not exactly correct.
Anybody who qualifies and plans on staying in the loan for at least 3 years should look at this.
Even if you want to pay the loan off in full in 5 years, these are better options than being in higher rate loans.Those who don’t want to “waste money” by paying for a refi are “wasting money” every single month that they stay in a higher rate loan.
People would pee in their pants to get a 6% guaranteed return in a retirement account, but aren’t willing to understand a 33% return that is guaranteed.
Many people just don’t qualify today and are stuck in a silly rate forever because they got a “no cost” loan that will end up costing a small fortune in the long run. ,,penny wise, dollar foolish. HLS
Participant[quote=DRA]HLS,
Waht is the minimum income which would qualify for 546k?[/quote]DRA, Impossible to answer. It depends on income,assets, credit score/history, equity and total monthly debts/housing expense.
Someone who buys a $1 million dollar house has higher property taxes and insurance than someone who buys a $680K house with 20% down.
Other monthly debts including credit card, auto, education loans and other debt on a credit report factor in to an individual situation.
Please contact me for a specific quote.
http://www.HomeLoanSheldon.comParticipant[quote=DRA]HLS,
Waht is the minimum income which would qualify for 546k?[/quote]DRA, Impossible to answer. It depends on income,assets, credit score/history, equity and total monthly debts/housing expense.
Someone who buys a $1 million dollar house has higher property taxes and insurance than someone who buys a $680K house with 20% down.
Other monthly debts including credit card, auto, education loans and other debt on a credit report factor in to an individual situation.
Please contact me for a specific quote.
http://www.HomeLoanSheldon.comParticipant[quote=DRA]HLS,
Waht is the minimum income which would qualify for 546k?[/quote]DRA, Impossible to answer. It depends on income,assets, credit score/history, equity and total monthly debts/housing expense.
Someone who buys a $1 million dollar house has higher property taxes and insurance than someone who buys a $680K house with 20% down.
Other monthly debts including credit card, auto, education loans and other debt on a credit report factor in to an individual situation.
Please contact me for a specific quote.
http://www.HomeLoanSheldon.comParticipant[quote=DRA]HLS,
Waht is the minimum income which would qualify for 546k?[/quote]DRA, Impossible to answer. It depends on income,assets, credit score/history, equity and total monthly debts/housing expense.
Someone who buys a $1 million dollar house has higher property taxes and insurance than someone who buys a $680K house with 20% down.
Other monthly debts including credit card, auto, education loans and other debt on a credit report factor in to an individual situation.
Please contact me for a specific quote.
http://www.HomeLoanSheldon.comParticipant[quote=DRA]HLS,
Waht is the minimum income which would qualify for 546k?[/quote]DRA, Impossible to answer. It depends on income,assets, credit score/history, equity and total monthly debts/housing expense.
Someone who buys a $1 million dollar house has higher property taxes and insurance than someone who buys a $680K house with 20% down.
Other monthly debts including credit card, auto, education loans and other debt on a credit report factor in to an individual situation.
Please contact me for a specific quote.
http://www.HomeLoanSheldon.comParticipant[quote=waterboy]HLS- Loan amt of $640k and 1 pt buydown[/quote]
Waterb, there are about 10 pieces of information needed to quote an accurate rate.
For SD 30 YR fixed loan amounts up to $546K are available as low as 4.25% with a cost. OC-LA are $625KAbove these county limits, up to $2 million, up to 85% LTV, I have 3 & 5 YR ARMS as low as 3.625%, 7 YR ARMS as low as 4.125% and 10 YR ARMS as low as 4.50%.
There is a cost to get the lowest rates and it depends on qualifying based not only on 20% equity. On these jumbo loans pricing is better with 25% equity, and even better with 40% equity.
It’s pointless to quote you a rate without knowing what you actually qualify for. I’ll let others quote misleading rates.
If you want a quote for what you actually qualify for please contact me directly:
[email protected]Participant[quote=waterboy]HLS- Loan amt of $640k and 1 pt buydown[/quote]
Waterb, there are about 10 pieces of information needed to quote an accurate rate.
For SD 30 YR fixed loan amounts up to $546K are available as low as 4.25% with a cost. OC-LA are $625KAbove these county limits, up to $2 million, up to 85% LTV, I have 3 & 5 YR ARMS as low as 3.625%, 7 YR ARMS as low as 4.125% and 10 YR ARMS as low as 4.50%.
There is a cost to get the lowest rates and it depends on qualifying based not only on 20% equity. On these jumbo loans pricing is better with 25% equity, and even better with 40% equity.
It’s pointless to quote you a rate without knowing what you actually qualify for. I’ll let others quote misleading rates.
If you want a quote for what you actually qualify for please contact me directly:
[email protected]Participant[quote=waterboy]HLS- Loan amt of $640k and 1 pt buydown[/quote]
Waterb, there are about 10 pieces of information needed to quote an accurate rate.
For SD 30 YR fixed loan amounts up to $546K are available as low as 4.25% with a cost. OC-LA are $625KAbove these county limits, up to $2 million, up to 85% LTV, I have 3 & 5 YR ARMS as low as 3.625%, 7 YR ARMS as low as 4.125% and 10 YR ARMS as low as 4.50%.
There is a cost to get the lowest rates and it depends on qualifying based not only on 20% equity. On these jumbo loans pricing is better with 25% equity, and even better with 40% equity.
It’s pointless to quote you a rate without knowing what you actually qualify for. I’ll let others quote misleading rates.
If you want a quote for what you actually qualify for please contact me directly:
[email protected] -
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