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How to find max loan amount in real estate mortgage? |
how to find max loan amount in real estate mortgage Commercial or residential? For either there are various rules that effect LTV (Loan to Value) In residential the max loan can be limited due to income or occupancy type along with other factors. In commercial, the LTV is determined by calculating the NOI ( net operating income ) and several other factors. Source(s): Mortgage Industry Manuals at: www.MortgageEducationMadeSimpl... your question is pretty vague but if you go onto eloan.com there are all kinds of calculators there that may assist you in figuring out whatever it is you are asking. i'll take a guess that you are asking how much you would qualify for? tough guess since there are a whole lot of variables. in a very very rough way, take your monthly gross income and subtract 2% of your TOTAL debt from this number and then multiply by 40%. this will tell you about how much you canreasonably afford for a monthly housing cost. some places will allow higher and since you are income based and not asset based, apparently, you may find up to 50% out there. personally, i don't like to recommend anything over 33%, but really am comfortable with 25% which really allows you to even live, in addition to pay for the place you live. as you go higher and higher, it means you will pay more and more for housing and less and less for all your other living expenses. i am a financier of $100's of millions in creative financing solutions, mostly in real estate but also in equipment, planes, boats, inventions, businesses and credit cards. The maximum loan amount that you qualify for is based upon a number of variables, these include income, liquid assets, property type, documentation type (full doc, No Doc, stated income, etc.) other outstanding debt, loan program, occupancy type, and of course credit scores. However, the amount for which you qualify is not necessarily the amount you want to borrow as you do not want to be in a position of being house poor, with limited cash flow for other necessary, and unnecessary expenses. Your loan officer should prepare an in depth analysis for you with your various choices, and how it effects your cash flow. http://gregorydwyer.blogspot.com... |
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