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How Mortgage Lenders Calculate Self-Employment Income
Understand how mortgage lenders calculate self-employment income. Provide insights to help self-employed individuals secure right financing.
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🏡💸 Don’t be fooled by the numbers on online mortgage calculators! 🚫📊 When planning your home purchase, it’s crucial to consider ALL costs. 🧐💡 💰 Mortgage payments are more than just principal and interest! 🏦📈 Hidden costs like property taxes, home insurance, and PMI can significantly impact your monthly payments and total cash needed upfront. 📱🔍 Online calculators often miss these crucial details, leaving you with an incomplete picture of your financial commitment. 😱🚫 Don’t be caught
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How to calculate your DTI: Using a $7K monthly income, here are the debts: • Credit card: $150 • Car payment: $300 • Student loan: $250 • New mortgage: $1,750 Calculating: Total debts = $150 $300 $250 $1,750 = $2,450 DTI = (Total debts / Monthly income) x 100 = ($2,450 / $7,000) x 100 = 35% The 35% Debt-to-Income Ratio is a key indicator of financial obligations relative to earnings. For more insights, reach out with questions. 📊🏠 #DTICalculation #MortgageInsights #mortgage #mortgagebroker #re
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Understanding Home Financing: Down Payments and Closing Costs! Considering various financing options? For a $500,000 home, a 20% down payment is about $100,000. Closing costs can vary, typically around 3%, or $15,000 to $25,000. Your mortgage payment depends on your financed amount, interest rate, and creditworthiness, and may include mortgage insurance if financing over 80% or putting down less than 20%. Your total payment includes principal, interest, taxes, and insurance. For more detailed in
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🏡 Before diving into homeownership, ensure a smooth journey by knowing your numbers!💰 Calculate what you can afford, find a comfortable payment range, and consider ALL property expenses, including closing costs. 📊✨ Why? Because having a clear grasp of your financial picture ensures a stress-free path to your dream home. Avoid surprises, set realistic expectations, and make informed decisions. 🏠 #tomthelender #homebuyingtip #mortgagetip #homebuying #homeownership #homebuying #finance #finance
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Thinking about buying your first home? 🏡 It’s an exciting journey, but it can be a complex process. Here’s a simplified guide to help you navigate the path to homeownership & be sure to DM me when you’re ready to review your hopes and needs in Buying a Home. We can meet via Zoom / Phone and Create A Plan for you to Buy a Home Specific to YOUR Needs & Timeline! **1. Dm me! And we will Assess Your Finances** - Review your credit score. - we can Calculate your budget, including down payment and cl
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