How much mortgage can you afford?
Contact us today and let's find out!
Deciding
how
much
house
you
can
afford
is a
personal
decision.
Many
factors
come
into
play.
"How
much
can
I
borrow?"
"How much can I put toward my down payment?"
"What
size
monthly
payment
can
I
afford?"
There
are
no
black
and
white
answers
to
these
questions.
It
is a
matter
of
"give
and
take".
If
you
plan
on a
30
year
mortgage,
you
can
probably
make
a
lower
down
payment
(or
perhaps
no
down
payment
at
all)
and
still
manage
the
monthly
payments.
If,
on
the
other
hand,
you
plan on a
15
year
mortgage,
you
will
probably
want
to
make
a
larger
down
payment
to
keep
your
monthly
payments
in
line
with
what
you
can
afford.
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Loan Application Checklist
In general, the documentation you will need includes:
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Check
for
application
fee. |
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Property
information
(if
you
already
have
a
contract
on a
house)
-
Including
Purchase
Agreement
-
Copy
of
legal
description
and
MLS
sheet
-
Copy
of
listing
contract
if
you
are
selling
your
current
home
-
Copy
of
settlement
statement
(HUD-1)
if
you
have
sold
your
home. |
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Income
&
Assets
-
Bank
statements
(last
two
years)
-
Mutual
fund
statements
(last
two
years)
-
Investment
account
statements
(last
two
years)
-
Estimated
value
of
personal
property
and
furniture.
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Information
regarding
any
large
deposits
to
your
account(s)
Explanation
of
source
of
large
deposits
If
large
deposit
was
a
gift
then:
Who
signed
gift
letter?
Copy
of
gift
check
Copy
of
deposit
receipt
-
If
you
own
more
than
25%
of a
business
then:
Corporate
or
partnership
tax
returns
-
If
self-employed
then:
Tax
returns
for
the
last
three
years
(with
schedules)
Year-to-Date
Profit
and
Loss
Statement
prepared
by
accountant
-
If
you
own
rental
property
then:
Tax
returns
for
the
last
two
years
and
current
rental
agreements
-
If
you
are
retired
then:
Pension
Award
Letter
-
If
you
receive
Social
Security
then:
Social
Security
Award
Letter
-
If
you
are
counting
child
support
as
income
then:
Copy
of
divorce
settlement
Copy
of
twelve
months
of
cancelled
child
support
checks
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Debts
-
Names,
addresses,
account
numbers,
balances,
monthly
payments
on
all
current loans.
-
Explanation
of
credit
report
anomalies,
including:
Late
payments,
credit
inquiries
in
the
last
90
days
Charge-offs,
collections,
judgments
and/or
liens.
-
Bankruptcy
filed
within
last
seven
years
Bring
a
copy
of
your bankruptcy
papers,
if
applicable
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VA
Loans
-
Copy
of
DD
Form
214
-
Report
of
Separation
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Miscellaneous
-
Photo
ID
and
proof
of
Social
Security
number
Residence
address
for
the
past
two
years
If
applicable,
a
copy
of
your
divorce
decree
-
If
you
are
not
a
citizen,
a
copy
of
the front
and
back
of
Green
Card.
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Copyright © 2009 Residential Mortgage Corporation |