Property Law area

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Legal Tip of the Week

How to get a mortgage

By SoYouWanna.com, Inc.  [September 6th, 2016]

According to the Home Buyer's Information Center, most buyers purchase houses that cost between 1.5 - 2.5 times their annual income. However, in some areas, there may not be houses available in that range, so you may need to spend a bit more. Keep in mind that your monthly mortgage payment should not exceed approximately 28% - 29% of your gross monthly income. That's because your total debt payments (car, credit cards, plus the monthly mortgage, whatever) should not exceed 36% - 40% of your gross monthly income. After all, you have to eat. >> MORE

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FAQs

Your most common questions answered:

What determines whether they give me the mortgage?
[November 21st 2013]
Mortgage lenders use two formulas to determine if you're likely to meet your monthly payments. In regard to the amount of monthly payments, the rule of thumb is that you should pay no more than 30 percent of your gross income. If your gross income is $3,500 a month, the mortgage payment should not exceed $1,050. Also, your total debt ratio should be below 40 percent - that is, the mortgage payment plus all the rest of your debt (school loans, car, other debts) should be under $1,400.
Should I use a broker to buy a home?
[November 21st 2013]
Brokers know something about the inventory in your target neighborhoods and, if they're good at what they do, they'll quickly know something about you. But brokers are legally - and in fact - agents of the sellers who pay them a commission that usually runs from five to seven percent of the purchase price. As such, they are obliged to get the highest possible price for the seller. Property sold without agents are known as FSBOs, or For Sale By Owner.
What is a mortgage?
[September 9th 2016]
A mortgage is a loan from a financial institution to buy property that is then used as collateral for the loan. The three main elements of a mortgage are: amount, the total sum you owe the financial institution, interest rate, which is determined by current market conditions, competition among lenders, and your credit-worthiness, and loan term, how long the borrower has to pay off the loan, usually 15 or 30 years. If you have questions, contact us!