The amount you can qualify on your San Antonio home loan will depend on your income and your monthly payment. Lenders look at not only the percentage of your income that the mortgage payment will take, but also what other debt obligations you have that will continue for at least nine months after the start of your mortgage. Lenders want to know that monthly mortgage fees will fit your budget, which will reduce the risk for the lender to repay you the loan.
Things you need
Determine your average monthly income. If your salary is not equal each month, take the total of your payments for the past year and divide by 12. For example, if you’re total income was $ 48,000, you average monthly income would be $ 4,000.
Multiply your monthly income by 28 percent if you are considering a conventional mortgage and 29 percent if you are considering an FHA mortgage to determine the maximum monthly payment you qualify for. For example, if your monthly income is $ 4000, you would probably only qualify for a mortgage with a monthly payment of $ 1,120 if you are looking at a conventional mortgage.
Apply for a loan. Provide verification of your income through a salary or other method. You will be able to submit a credit check and you will also need to check the equity that you have in your current home. Many borrowers find it easier to use their existing mortgage lender for a home equity loan. Since the lender already has your mortgage application, you can find the process is faster and easier thanks to your current lender.
Multiply your monthly income by 36 percent if you are considering a conventional mortgage and 41 percent if you are considering an FHA mortgage to determine the maximum debt obligations lenders will allow you to have, including your monthly mortgage payment. Then subtract the total of your other debt securities from Step 3. For example, if you are applying for a conventional loan and have a monthly income of $ 4,000, most of your debt securities totals could be would be $ 1,440. If you had $ 280 in other debt, the most that would be left for your mortgage payment would be $ 1,160.
Take the smaller of the two amounts from September 2 and Step 4. This is your maximum monthly payment. For example, since $ 1160 is less than $ 1,120, the maximum mortgage payment for you, if your monthly income is $ 4,000, $ 1,160 would be.
How to add a new home loan to an existing San Antonio home loan
You can add a new San Antonio home loan for your current mortgage with a home equity loan. A home loan uses the equity you have built in your home, through your down payments and mortgages, as collateral for new debt. This debt can be absorbed by your primary mortgage, or you can keep both loans separate. Although home equity loans offer flexibility in your finances, they can also be very risky.
Contact your current mortgage lender to determine the equity in your home. This will answer the question, “If you sold your house today, how much would you make and how much would you owe the lender?” Even if you own a very expensive house, if you have little equity in the house, you will not be able to add a new home loan to your existing debt.
Determine how much you can afford additional payments. It is crucial to take this step before taking a loan. Only by evaluating your budget will you learn how much you can actually pay, which is often less than a bank will be willing to lend to you. For the budget effectively, your total fixed debts should never exceed 50 percent of your monthly income, and it is advisable to seek to stay below 30 percent. How much have you left in your budget after your mortgage, student loans, car debts and credit card has been paid? This is the maximum monthly payment that you can add through a new San Antonio home loan.
Get loan quotes. In this step you will be able to contact the lenders to determine their estimated rates. You will not have to submit a complete application to get a quote and you should be wary of even presenting a Social Security number. It is best to ask about the bank’s current rates and the level of credit they need to get a home equity loan.
Appliquer pour un prêt. Fournir une vérification de vos revenus grâce à un salaire ou une autre méthode. Vous pourrez soumettre une vérification de crédit et vous devrez également vérifier l’équité que vous avez dans votre maison actuelle. Beaucoup d’emprunteurs trouvent plus facile à utiliser leur prêteur hypothécaire existant pour un prêt sur valeur domiciliaire. Depuis le prêteur a déjà votre demande de prêt hypothécaire, vous pouvez trouver le processus est plus rapide et plus facile grâce à votre prêteur actuel.
Negotiate your contract. Aim for the lowest rate while keeping your monthly payments affordable. Be wary of adjustable rates home equity loans, as the expense of these loans is unpredictable. Never be talked into taking a larger loan than you have determined you can afford in your budget analysis.