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Mortgage Checklist


 

The complex process of getting a mortgage is made clearer by breaking it down into steps. Here's a checklist to help do just that.

  1. Determine your mortgage limit
    • Create your expense snapshot — listing all expenses in your current budget
    • Estimate potential homeowner expenses and include them in your snapshot
    • Estimate your monthly payments using an online calculator
    • Calculate your debt-to-income ratio to determine your mortgage limit
    • Decide how you will make a down payment and how much
  2. Check your credit
  3. Determine the type of loan that is best for you.
  4. Choose a lender, or several.
  5. Get pre-approved. You'll need the following information when applying:
    • Paycheck stubs for the last 30 days
    • One W-2 tax return if you've had your job for over two years, or two if otherwise
    • Recent credit card statements
    • Two bank statements over last 90 days
    • Proof of pensions, retirement, disability, or Social Security
    • Proof of income from rentals, investments, etc.
    • Proof of child support or alimony paid/received
    • Loan information on current home (if you own one)
    • 401K statements
    • Divorce decree (if applicable)
    Get a Good Faith Estimate of fees as a part of your pre-approval.
  6. Lock in your rates.
  7. Bring all documentation to the closing.
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How Much Can You Afford?


 
Our calculators will help you determine loan amounts, mortgage qualification, affordability or whether you should be renting or buying.

Complete the fields below and click Calculate Now. To view the results of each calculation, click on the various tabs.  To email yourself a copy of the results, click the Receive this Detailed Analysis link.

Required Fields
Term In Years:     
Interest Rate:      %
Cost of Home:  $
Down Payment:  $  
Annual Insurance:  $  
Estimate Insurance to 0.43% of Cost
Annual Property Tax:  $  
Estimate Tax to 1.2% of Cost
Monthly Income:  $
Monthly Debt:  $
Optional Fields
Gross Debt Service Ratio (GDS):     
Total Debt Service Ratio (TDS):     
Condos Fees:  $
Results
  Receive this Detailed Analysis

Your Monthly Payments
 
Loan Amount:
Loan Insurance (%):
Total Loan (Mortgage) Amount:
 
Principal & Interest:
Homeowners Insurance:
Property Taxes:
Condo Fees:
Monthly Loan Insurance (%):
Total Monthly Payment:
Income Needed to Qualify for the Mortgage
Total Monthly Loan Payment:
Total Monthly Debt Payment:
Monthly Loan Insurance (%):
Qualifying Income of % GDS Ratio:
Qualifying Income of % TDS Ratio:
What You Can Afford
We are using the % ratio.
Cost of House:
Down Payment:
Loan Value:
Monthly Principal & Interest:
Monthly Insurance:
Monthly Property Tax:
Monthly Condo Fees:
 
Cost of House = [(Monthly income x Debt Ratio) – monthly tax – monthly insurance – condo fee] /
(monthly interest rate/ function of interest rate)
Renting
Monthly Rent: $
Annual Rental Increases:  %
Monthly Renter Insurance: $
Savings or Investment Rate:  %
 
Owning
Planned # of years in home: 
Yearly appreciation of the home:  %
Annual home maintenance:  %