Mortgage Information:
Hi, my name is Carrie Westfall. I am a Mortgage Loan Officer with IMortgage. I have been in the business for over 15 years and I have the knowledge that is required to close a loan as smooth and easy as possible.
The price you can afford to pay for a home will depend on several factors, such as:
ü Gross income
ü Your credit history
ü Current interest rates
ü The type of mortgage you have selected
ü your debt
ü The funds you have available for the down payment, closing costs and cash reserves required by the lender
Another figure lenders use to evaluate how much you can afford is the housing expense-to-income ratio. It is determined by calculating your projected monthly housing expense, which consists of the principal and interest payment on your new home loan, property taxes and hazard insurance (PITI)
A mortgage professional can help you find out just what you can afford. Your income and your debts will typically play the biggest roles in determining your price range.
