mortgages calculator
Sunday, August 15th, 2010
I did a mortgage calculator and it said I can only afford a $35,000 mortgage, are there other options?
My boy friend and I were quoted for a mortgage awhile ago that we would be able to do about 150 to 180K ,not too bad. But when I did a mortgage calculator online it only came out with the 35K total. We make more than some people we know and they own own homes. What did I do wrong? I just can’t believe that we would not be able to be qualified for a mortgage amount that is at least reasonable and would get us something nice and not a condo or townhome. Even though that is what everyone is telling us to buy. Please some one restore my faith or will we never be able to have a home of our own.
Don’t worry too much about what a mortgage calculator gave you as an answer. While I can tell you that Quicken Loans calculators will give you a great answer with as much information as you input, the real story lies with several factors that you need to discuss with a mortgage professional.
First, a calculator can’t know your credit score. This is very important in getting a mortgage. Also, there are other several other variables that can affect how much you can borrow such as (this is just a small example):
*length of employment history
*assets (the things and money you have now)
*history of bankruptcy
*retirement savings you may have
I’ve never seen a mortgage calculator that asks for that information, and each can affect what you qualify for.
My advice is to get in touch with a trusted mortgage professional that can give you an honest and full review of what you qualify for. If you aren’t sure who to work with, try the most time-honored tradtion. Ask people you trust!
Your family and friends are probably the best resourse you’ll ever have for finding a mortgage professional that will give you the best possible deal. I can tell you first hand that at Quicken Loans, referrals are a huge part of our business.
So don’t worry what a mortgage calculator tells you. A mortgage calculator is only a research tool to get you an idea of what you might be able to qualify for. Although they usually are great and I recommend them to my friends, they aren’t the final word.
The final word is a trusted and qualified mortgage professional that will get you exactly what you qualify for.
Good luck and don’t worry too much!
Excel Magic Trick 355: VLOOKUP for Mortgage Calculator
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