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Mortgage Affordability Calculator – How Much Can I Borrow? #government #loans


#home loans calculator
#

Your income is the key to how much you can borrow

One of the first questions asked my most people when taking out a home loan in Australia is “How much can I borrow?”

Your income is the key to how much you can borrow. Your home loan lender will look at the amount of income you earn but also the type and regularity. Part-time earnings or overtime will be viewed more favourably if earned consistently over an extended time. There are also several other things to consider including:

  • Present expenses and debts
  • Your borrowing habits
  • The purpose of the loan
  • Location and property type
  • Interest rate and loan term
  • The amount of deposit

As a rough guide, when taking out a home loan in Australia, you can generally borrow between three and four times your total gross income, although it will vary on a case by case basis. The first step is to obtain a home loan quote from your lender. This will help if you are going to auction or need to figure out how much to save for your new home.


Kelley – s Market Trends: Home Affordability – Flathead Beacon #signature #loan


#compare home loan rates
#

Mortgage interest rates are a key player in what is affordable

Home affordability is a function of effective purchasing power. In order to measure effective purchasing power it is necessary to consider household income, mortgage interest rates, property tax expense and typical mortgage loan availability and terms.

This affordability graph assumes a home buyer with the median household income in Flathead County with a 25 percent down payment and a 30-year home loan at the average interest rate for that year. The property taxes and insurance expense are estimated based on 1.5 percent of the median home price.

Using these variables it is possible to estimate how much a family with a median household income can afford to pay for a home in Flathead County each year and compare that to what the actual home prices have been over the last 31 years.

This graph shows that home affordability and prices were pretty well matched from 1984 to 2004. In 2005 the recent housing bubble started to develop, then topped out in 2007 with the start of the recent housing crisis. During that period, the median home price got completely out of line with what was affordable to the typical home buyer. Flathead home prices didn’t return to an affordable range until 2009 and 2010. Since that time, actual home prices have pretty well matched what is affordable in Flathead County.

Mortgage interest rates are a key player in what is affordable and they have been at near record lows of around 4 percent over the last four years. If and when those rates start to increase, they will drive down home affordability and could slow the housing market.

The good news is that home prices in Flathead County are currently affordable to the typical home buyer and is further evidenced by the strong housing market that currently exists.

In 1981, Jim started Kelley Appraisal in Kalispell and has since built an extensive data base of economic and real estate-related data on northwestern Montana. Over the last several years, he has published annual reports on the Flathead Real Estate Market and been a guest speaker on numerous occasions for various groups in the Flathead.


Car Affordability Calculator


#used car loan calculator
#

Car Affordability Calculator

Next Steps

Total loan needed*: $0

* Total loan amount factors in down payment, trade-in value and sales tax.

Our calculators are intended to produce rough estimates provided solely for informational purposes. You should not take action based on the information provided through this calculator alone. When available, we recommend that you use interest rate information provided to you by your dealer or lender. Average price paid values are national averages provided by TrueCar.com.

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Home Affordability Calculator – Find A Price Range #cheapest #car #loans


#home loan eligibility calculator
#

Determine Mortgage Eligibility With Our Home Affordability Calculator

How much home can I afford?

Additional Information

How Do You Find Suitable Homes in Your Price Range?

When you make the decision to buy a home, it’s as if blinders are lifting. As you drive to work, or the store or the gym, you notice all the realtor and FSBO (“For Sale by Owner”) signs that are all over town. The prices, the options, the floor plans and everything else can make you dizzy, so refine your wants and needs and what you can live without before you actually start looking. And this is NOT Valentine’s Day, so don’t fall in love with a particular house.

Be especially careful if you are working with a realtor, as they have a tendency to “up-sell” you into a house that you may love but can’t really afford. There’s nothing for them to lose by this endeavor, because the higher the house price, the more they make in commissions. Just remember–you will be the one paying the mortgage and the associated bills.

How Much House Can You Afford?

The idea of buying your first home can be intoxicating and intimidating at the same time. You are embarking on a journey down an unfamiliar road, so the first consideration is what you can afford to spend on a house.

Consider this from a couple of different angles:

  • How much of a monthly payment can I afford?
  • What savings do I have available for a down payment?
  • How do I plan to cover other expenses such as the earnest money deposit and closing costs?

Click here for full article

Setting Up House

The financial future of most people is dictated by the way they start out as independent adults. If you are going to set up house on your own or with a partner (or know someone who is), then you may find some good advice here.

Establish good financial habits early. They can save you lots of grief and money down the road. More couples break up over financial issues than for any other reason. Good financial habits will go a long way toward providing peace and harmony in your home. The key to developing good financial habits is a sound lifestyle financial plan that will help you achieve your lifestyle goals. Over time, your goals will change–that’s okay. A good financial plan will allow you to change your goals as you go along. But remember, they’re your goals. Many persons become discontented because they try to achieve someone else’s goals. You’ve heard the expression “keeping up with the Joneses.” This refers to trying to achieve someone else’s goals. Even if you succeed, you most likely won’t be happy. You will only be happy if you achieve your own goals.

Definitions

Current combined annual income

The gross annual income of you and your spouse (if applicable).

Monthly child support payments

The monthly amount paid for child support.

Monthly auto payments

The total monthly amount paid for automobile loans.

Monthly credit card payments

The total monthly amount paid toward credit cards.

Monthly association fees

The total monthly amount for association fees.

Other monthly obligations br em (not including current mortgage payment) /em

Any other monthly obigations.

Annual interest rate on new mortgage

Term of new mortgage

The number of years you wish to finance this home mortgage loan.

Funds available for a down payment

The amount of cash you have available to use as a down payment.

Estimated annual property taxes

The annual amount you expect to pay for property taxes.

Estimated annual homeowner’s insurance

The annual amount you expect to pay for hazard/homeowner’s insurance.

Also known as the debt ratio, lenders use this ratio along with the front-end ratio to determine the maximum loan amount. Debt ratio equals your combined monthly mortgage payment plus any other monthly debt obligations such as credit cards and alimony divided by your gross monthly income. Use a front-end ratio of 33% for conservative results and as high as 42% for aggressive results (usually requires a excellent credit and a higher down payment).


HARP: Home Affordability Refinance Program – Consumer Guide and Information #payday #loans #for #unemployed


#harp loan program
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What is HARP 3.0?

The Home Affordable Refinance Program (H.A.R.P.) is a federal-government program designed to help homeowners refinance at today s low mortgages rates even if they owe as much or more on their mortgage than their home is worth. The goal is to allow borrowers to refinance into a more affordable or stable mortgage. Most homeowners eligible for a HARP refinance are able to reduce their monthly payment by lowering the interest rate on their mortgage. Other homeowners can use HARP to convert their adjustable mortgage into a more predictable, fixed-loan program. You also have the option to do a HARP refinance for a shorter-term loan, which will help you build equity in your home at a faster pace.

The Home Affordable Refinance Program (H.A.R.P.) 2.0 was rolled out in March 2012 to help underwater and near-underwater homeowners refinance to a loan with a lower monthly payment. About 2.8 million homeowners have taken advantage of the HARP program to-date, but there are still an additional 2 million homeowners who qualify for a HARP refinance. But, there s still time since the HARP loan program has been extended through December 31, 2015 with the following changes:

    No underwater limits

Borrowers are now able to refinance regardless of how far their homes have fallen in value. There is no longer a loan-to-value limit set at 125 percent. No appraisals and underwriting

Most homeowners do not have to get an appraisal or have their loan underwritten, making the refinance process smoother and faster. Modified fees

Certain risk-based fees for borrowers who refi into shorter-term loans will either be eliminated or modified. Looser restrictions on income verification

Many lenders require less paperwork to verify income. Some lenders are also able to grant a HARP mortgage if borrowers have at least 12 months of mortgage payments in reserve.

To qualify for the HARP program:

    You must be current on your mortgage

You must have no late payments made 30 or more days past the due date in the last six months, and no more than one late payment made 30 or more days past the due date in the last 12 months. You must have a certain property type

Your home must be a primary residence, a 1-unit second home or a 1- to 4-unit investment property. Condos, PUDs and manufactured homes are eligible. Loan must have a note date of May 31, 2009 or before

Your note date is the day your mortgage closed. The lookup tools below can help you determine your note date. Your mortgage must be backed by Freddie Mac or Fannie Mae

Use the Freddie Mac or Fannie Mae online lookup tools or call Fannie Mae at 1-800-7Fannie or Freddie Mac at 1-800-FREDDIE to determine who owns your loan. You must have a loan-to-value (LTV) ratio of 80 percent or higher

To calculate your LTV, divide the amount of money you owe on your house by its value. To get an estimated market value of your home, look up the Zestimate.

No, you do not have to do a HARP refinance with the same bank that you originally obtained your loan through. If your bank tells you they cannot or will not help you with a HARP refinance, it s important to not give up. Use our HARP shopping tool below to shop for custom mortgage rates.

Also, it is important to distinguish the difference between your mortgage servicer and mortgage backer. If your loan is backed by Fannie Mae or Freddie Mac, they are your mortgage backer. The bank that collects your monthly mortgage payments is your mortgage servicer. In fact, it is in your best interest to shop for the best HARP refinance rates by comparing quotes from several different lenders.


Kelley – s Market Trends: Home Affordability – Flathead Beacon #refinancing #student #loans


#compare home loan rates
#

Mortgage interest rates are a key player in what is affordable

Home affordability is a function of effective purchasing power. In order to measure effective purchasing power it is necessary to consider household income, mortgage interest rates, property tax expense and typical mortgage loan availability and terms.

This affordability graph assumes a home buyer with the median household income in Flathead County with a 25 percent down payment and a 30-year home loan at the average interest rate for that year. The property taxes and insurance expense are estimated based on 1.5 percent of the median home price.

Using these variables it is possible to estimate how much a family with a median household income can afford to pay for a home in Flathead County each year and compare that to what the actual home prices have been over the last 31 years.

This graph shows that home affordability and prices were pretty well matched from 1984 to 2004. In 2005 the recent housing bubble started to develop, then topped out in 2007 with the start of the recent housing crisis. During that period, the median home price got completely out of line with what was affordable to the typical home buyer. Flathead home prices didn’t return to an affordable range until 2009 and 2010. Since that time, actual home prices have pretty well matched what is affordable in Flathead County.

Mortgage interest rates are a key player in what is affordable and they have been at near record lows of around 4 percent over the last four years. If and when those rates start to increase, they will drive down home affordability and could slow the housing market.

The good news is that home prices in Flathead County are currently affordable to the typical home buyer and is further evidenced by the strong housing market that currently exists.

In 1981, Jim started Kelley Appraisal in Kalispell and has since built an extensive data base of economic and real estate-related data on northwestern Montana. Over the last several years, he has published annual reports on the Flathead Real Estate Market and been a guest speaker on numerous occasions for various groups in the Flathead.


House Affordability Calculators #home #loan #interest #calculator


#house loan calculator
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House Affordability Calculators

How much house can I afford. That is questions that arise when people is planning to buy a new house. When people is looking for a house to buy, there two things regarding financial issues that they usually considered. The first one is the front payment which consist of down payment and closing cost, and the second one is the monthly mortgage payment. They consider these things because they have to see their personal financial situation either they have enough money to pay both payments.

Usually they consult with their financial advisors or they just go the bank or financial institution to find out whether they can afford to buy a house based on their financial situation. This house affordability calculator will help you to get a rough figure about your affordability on buying a house. But, you have to remember that this is just a tool not a real reference.

This spreadsheet consist of two worksheets. The first worksheet is a simple house affordability calculator that will calculate house price quickly based on your expected monthly payment. Just fill your targeted interest rate, loan payment period and expected monthly payment and the house price will be revealed with a help of excel built-in function.

The second worksheet is a more detailed house affordability calculator, as you can see in the first picture, where you have to fill some detail information regarding your financial condition and your budget, your mortgage plan and your bank or financial institution qualification. And based on your inputs, this calculator will calculate the optimum house price based on the closest conditions you can achieve.

Short description regarding each cells in this worksheet are as follows :

Income and Debt Expenses

Gross Monthly Income. Your gross income per month

Monthly Debt Repayment. Your debt obligation that you have to pay monthly, for example your credit card loan, student loan, car loan etc.

Down Payment and Closing Cost. I think you know what down payment means. And closing costs are any costs that arise in house transaction, like legal fee, administration fee, taxes etc

Monthly Payment. This is your expected monthly mortgage payment

Monthly Housing Costs. These are other housing costs in addition of your mortgage, like insurance, that you have to pay monthly along with paying your mortgage payment

Mortgage Plan

Interest Rate. This is your expected interest rate based on bank or financial institution interest rate

Payment Period. This is the period  (in year) that you plan to payoff your mortgage

Qualification

Closing Costs. Check your bank or financial institution qualification for minimum closing costs. I put 5% from house price.

Minimum Down Payment Required. Check your bank or financial institution qualification for minimum down payment needed.

Maximum Debt Repayment Allowed. Check your bank or financial institution qualification for maximum percentage of debt repayment allowed from your gross income. The total of your debt repayment + house payment cannot exceed this number.

Maximum Housing Expense Allowed (%). This number will limit the amount of your monthly expenses that has been budgeted for paying your monthly mortgage.

After you finished filling the left part of this worksheet, you can see your affordable house price including the detail of down payment and closing cost needed along with allowable monthly payment.

Use this tool as your rough reference only. You can adjust any numbers inside the worksheet to suit your budget, but always consult with your bank to get more clear information and calculation regarding your house financial issues.

You can download the file here .


How Much House Can I Afford – Home Affordability Calculator #school #loans


#home loan eligibility calculator
#

More Calculators

Refinance Calculator

See how much refinancing can save you

Affordability calculator help

“How much house can I afford?” is a question we hear frequently from those looking to purchase a new home. The mortgage you can afford depends on many factors, including your target monthly payment, annual income, and down payment amount.

Zillow’s mortgage affordability calculator helps you determine what you can comfortably afford to pay based on your personal circumstances. It evaluates the percentage of your monthly income that goes toward existing debts to help identify how much extra you have to spend on a mortgage payment. Your remaining income after debt and taxes should be enough to cover living expenses and savings goals, and it is wise to have some cash set aside to accommodate any unexpected repairs or financial emergencies.

Annual income This is the combined annual income for you and your co-borrower. Include all income before taxes, including base salary, commissions, bonuses, overtime, tips, rental income, investment income, alimony, child support, etc. Down payment This is the amount of money you will put towards a down payment on the house. Make sure you still have cash left over after the down payment to cover unexpected repairs or financial emergencies. Monthly debt

Include all of you and your co-borrower’s monthly debts, including: minimum monthly required credit card payments, car payments, student loans, alimony/child support payments, any house payments (rent or mortgage) other than the new mortgage you are seeking, rental property maintenance, and other personal loans with periodic payments.

Do NOT include: credit card balances you pay off in full each month, existing house payments (rent or mortgage) that will become obsolete as a result of the new mortgage you are seeking, or the new mortgage you are seeking.

Interest rate This is the interest rate for the loan you will receive. It is pre-filled with the current 30-yr fixed average rate on Zillow Mortgages. Debt-to-income (DTI) Your DTI is expressed as a percentage and is your total “minimum” monthly debt divided by your gross monthly income. The conventional limit for DTI is 36% of your monthly income, but this could be as high as 41% for FHA loans. A DTI of 20% or below is considered excellent. Income taxes This is an annual tax that governments place on individuals’ income. It includes federal tax, most states and some local entities. The national average is around 30% but can vary based on income, location, etc. Property taxes The mortgage payment calculator includes estimated property taxes. The value represents an annual tax on homeowners’ property and the tax amount is based on the home’s value. Homeowners insurance Commonly known as hazard insurance, most lenders require insurance to provide damage protection for your home and personal property from a variety of events, including fire, lightning, burglary, vandalism, storms, explosions, and more. All homeowner’s insurance policies contain personal liability coverage, which protects against lawsuits involving injuries that occur on and off your property. Mortgage insurance (PMI) Mortgage insurance is required primarily for borrowers with a down payment of less than 20% of the home’s purchase price. It protects lenders against some or most of the losses that can occur when a borrower defaults on a mortgage loan. Also known as PMI (Private Mortgage Insurance). HOA dues Typically, owners of condos or townhomes are required to pay homeowners association dues (known as HOA fees), to cover common amenities or services within the property such as garbage collection, landscaping, snow removal, pool maintenance, and hazard insurance. Loan term This is the length of time you choose to pay off your loan (e.g. 30 years, 20 years, 15 years, etc.) Full report Click on the Full Report link to see a printable report that includes mortgage payment breakdowns, total payments, and a full mortgage payment amortization calculation (table and chart). Amortization table includes ability to view amortization by year or by month.

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Home Affordability Calculator – Find A Price Range #getting #a #loan #with #bad #credit


#home loan eligibility calculator
#

Determine Mortgage Eligibility With Our Home Affordability Calculator

How much home can I afford?

Additional Information

How Do You Find Suitable Homes in Your Price Range?

When you make the decision to buy a home, it’s as if blinders are lifting. As you drive to work, or the store or the gym, you notice all the realtor and FSBO (“For Sale by Owner”) signs that are all over town. The prices, the options, the floor plans and everything else can make you dizzy, so refine your wants and needs and what you can live without before you actually start looking. And this is NOT Valentine’s Day, so don’t fall in love with a particular house.

Be especially careful if you are working with a realtor, as they have a tendency to “up-sell” you into a house that you may love but can’t really afford. There’s nothing for them to lose by this endeavor, because the higher the house price, the more they make in commissions. Just remember–you will be the one paying the mortgage and the associated bills.

How Much House Can You Afford?

The idea of buying your first home can be intoxicating and intimidating at the same time. You are embarking on a journey down an unfamiliar road, so the first consideration is what you can afford to spend on a house.

Consider this from a couple of different angles:

  • How much of a monthly payment can I afford?
  • What savings do I have available for a down payment?
  • How do I plan to cover other expenses such as the earnest money deposit and closing costs?

Click here for full article

Setting Up House

The financial future of most people is dictated by the way they start out as independent adults. If you are going to set up house on your own or with a partner (or know someone who is), then you may find some good advice here.

Establish good financial habits early. They can save you lots of grief and money down the road. More couples break up over financial issues than for any other reason. Good financial habits will go a long way toward providing peace and harmony in your home. The key to developing good financial habits is a sound lifestyle financial plan that will help you achieve your lifestyle goals. Over time, your goals will change–that’s okay. A good financial plan will allow you to change your goals as you go along. But remember, they’re your goals. Many persons become discontented because they try to achieve someone else’s goals. You’ve heard the expression “keeping up with the Joneses.” This refers to trying to achieve someone else’s goals. Even if you succeed, you most likely won’t be happy. You will only be happy if you achieve your own goals.

Definitions

Current combined annual income

The gross annual income of you and your spouse (if applicable).

Monthly child support payments

The monthly amount paid for child support.

Monthly auto payments

The total monthly amount paid for automobile loans.

Monthly credit card payments

The total monthly amount paid toward credit cards.

Monthly association fees

The total monthly amount for association fees.

Other monthly obligations br em (not including current mortgage payment) /em

Any other monthly obigations.

Annual interest rate on new mortgage

Term of new mortgage

The number of years you wish to finance this home mortgage loan.

Funds available for a down payment

The amount of cash you have available to use as a down payment.

Estimated annual property taxes

The annual amount you expect to pay for property taxes.

Estimated annual homeowner’s insurance

The annual amount you expect to pay for hazard/homeowner’s insurance.

Also known as the debt ratio, lenders use this ratio along with the front-end ratio to determine the maximum loan amount. Debt ratio equals your combined monthly mortgage payment plus any other monthly debt obligations such as credit cards and alimony divided by your gross monthly income. Use a front-end ratio of 33% for conservative results and as high as 42% for aggressive results (usually requires a excellent credit and a higher down payment).


Car Payment – Affordability Calculator #i #need #a #loan


#used car loan calculator
#

Car Payment and Affordability Calculator

What to Consider for Car Payments and Affordability

Auto Ownership Education Center

Actual price and payments may be different due to local rebates, specials, fees, and credit qualifications. Consult your dealer for actual price, payments, and complete details. View Disclosures.

Payments

This tool provides estimated monthly payments and estimated APRs for illustrative purposes only. Actual price and payments may be different due to local rebates, specials, fees, and credit qualifications. Consult your dealer for actual price, payments, and complete details.

Pricing shown may exclude a document fee, destination/delivery charge, taxes, title, registration, service contracts, insurance or any outstanding prior credit balances. Optional equipment not included. Option pricing is based on the manufacturer’s suggested retail price.

For purposes of calculating your monthly payment, the estimated Manufacturer’s Suggested Retail Price (MSRP) was used. Not all terms are available in all areas. Terms may vary based on creditworthiness.

The price shown is for qualified, eligible customers. Actual dealer price will vary.

Many variables, including current market conditions, your credit history and down payment will affect your monthly payment and other terms. See your local dealer for actual pricing, annual percentage rate (APR), monthly payment and other terms and special offers. Pricing and terms of any finance or lease transaction will be agreed upon by you and your dealer.

The estimated monthly payment is based upon the credit rating of 800.

Rates

An APR is the cost of your credit as a yearly rate. User APR Payment calculations are based an APR and term. The initial APR is provided for estimation purposes only and you may change it at any time. However, you may not be able to finance your vehicle at this rate. See your local dealer for details and actual available terms and conditions.

You may not be able to finance your vehicle at the rate provided.

Incentives and Rebates

Incentive and finance offers shown may not be available to all customers. Incentives lists are examples of offers available at the time of posting and are subject to change.

Not all incentives can be redeemed together. To take advantage of rebates, incentives and/or financing offers you may be required to take new retail delivery from dealer stock by the expiration date noted.

Trade-In

The “Net Trade-in” is an estimate only and many factors that cannot be assessed without a physical inspection of the vehicle may affect actual value. NADAguides is not responsible for and does not guarantee the “Net Trade-in” information. Please see your local dealer for information regarding actual trade-in availability and value.

ZIP Code

Your ZIP Code helps us calculate your payments and offers.

Images shown may not necessarily represent the actual vehicle used to calculate the estimate. Vehicles shown may have optional equipment at additional cost.