1. Welcome! Please take a few seconds to create your free account to post threads, make some friends, remove a few ads while surfing and much more. ClutchFans has been bringing fans together to talk Houston Sports since 1996. Join us!

Home Interest Rates

Discussion in 'BBS Hangout' started by LAFIRMA22, Jan 7, 2014.

  1. TexasStake

    TexasStake Member

    Joined:
    Dec 1, 2011
    Messages:
    595
    Likes Received:
    19
    maybe somebody can help me out.... I'm in the process of applying for a mortgage (or atleast to get pre approved) but before I can, bank is requiring w2's from my wifes past jobs to consider her income along with mine and these W2s will be like pulling teeth to get my wife to do what she needs to do to obtain them (either paying $50 to some guy in India and get them within 48 hrs or call human resources at all her jobs worked and request them) so I'm just looking for a simple yes or no if this would even be worth my time.

    Would a bank approve a $180k mortgage on $50-$55k of income. Credit and debt ratio is fine.
     
  2. Toast

    Toast Member

    Joined:
    Feb 21, 2001
    Messages:
    3,755
    Likes Received:
    10
    Any lender will now require like two years of W2s or back tax statements before they'll approve you for a loan.

    You can get a prelim or whatever, but you're gonna need to track all of that down if you want a home loan.
     
  3. TexasStake

    TexasStake Member

    Joined:
    Dec 1, 2011
    Messages:
    595
    Likes Received:
    19
    I know its required, I just want to know if I should even waste my time and efforts of obtaining them if a $50k income is too low for a $180k mortgage.
     
  4. Toast

    Toast Member

    Joined:
    Feb 21, 2001
    Messages:
    3,755
    Likes Received:
    10
    A lender would be more qualified to answer that. But it's a matter of whether they think you can afford it.

    You might want to find an online mortgage calculator. Factor in your down payment. Also don't forget to factor in property taxes, PMI (I assume you won't put 20% down and thus will need mortgage insurance), home owner's insurance. Homeowners association fees. Input an average mortgage rate (APR) based on your location and term of the loan (I assume fixed mortgage? 15-year? 30-year?). Then you'll get your estimated monthly mortgage payment.

    Add that to your other monthly expenses. Health care is one of the biggest ones. Car payment. Credit card payment. Utilities. Cable. Food. Gas. Education/student loans. Entertainment. Whatever else.

    Calculate that as a percentage of your monthly income. That will give you a rough idea of your debt to income ratio.

    If you can comfortably afford the monthly payment, then assuming your credit is in OK shape, you should be able to qualify for a loan.
     
  5. Classic

    Classic Member

    Joined:
    Dec 21, 2007
    Messages:
    6,101
    Likes Received:
    608
    What kind of down pay would you have?

    Likely gonna be pretty tight. Not a mortgage guy, just understand the ratios.

    Should you do it? I'd think no. Too tight, not enough left over for unforeseen variable expenses.
     
  6. Johndoe804

    Johndoe804 Member

    Joined:
    Jun 24, 2010
    Messages:
    3,233
    Likes Received:
    147
    If you can qualify on your own income, you can avoid the hassle. Texas is a Community Property state, so your wife would be on the note regardless -- they'd consider her a "non-purchasing spouse". I'd recommend you go that route. If not, you'll have to get the paper work. If you have any questions, I can assist. I work for a mortgage company.
     

Share This Page