Will I get approved??

Question

Ok so I just need to get some answers for my own peace of mind here. I was wondering if I could give you guys a bunch of info about me and you could tell me if I could expect to get accepted or declined for a mortgage. Our offer was just accepted for a house in Mass. And now I am thinking I won’t be approved.

House Price: 312,000

Down Payment: 35,000

Loan Amount: 277,000

My wife and I both have good credit. Last I checked it was between high 600’s and low 700’s. We have a combined income of around 100,000 a year. This is our fist home so we do not have another home to sell. Ok our monthly expenses come out to around 1,300 a month. Also, we have about 15,000 in credit card debt which we pay double the minimum and have never been late and it doesn’t effect our finance budget. I have also been overdrawn on my personal bank account a couple times but my wife’s account and our joint account have never had a problem. Would my debt and poor banking be enough to be declined on a loan? I realize that you probably need a lot more information to determine this but I just want to get your initial reaction.

Answer 1

If you both have good credit scores, then yes. This is the true final decision maker at the bank, and if your track record with the credit card company is good like you say, then you have nothing to worry about.

I calculated the numbers you gave, the way that the bank would, comparing your gross income per month to your said expenses plus mortgage payment, tax, PMI, etc.....and the house is definitely within your means. You should have no problems.

Congratulations!

Answer 2

Well as long as you havent been sent to collection agencies I assume you would be fine.  The way things are in the market right now the bank would definitely want your money

Answer 3

A home loan, or mortgage, is most simply described as a loan taken out so that you can purchase a home. Here we’ll explain the very basics of home loans so that you can at least have a basic knowledge of mortgages and how they work.To obtain a home loan you will need to be at least 18 years old and have the income required to be able to easily afford the loan payments. While many mortgages are placed on existing homes, you can obtain a home loan based on units, condominiums, new construction or land packages.

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http://mortgages-finance.awardspace.com/

Regardless of what you need, there is most certainly a home loan option to match your case.Home loans are usually taken out for 15 or 30-year terms and your monthly payment will be based on the principal and interest rate. You may also find that some lenders require that your mortgage payment also include property taxes, insurance, etc. The interest rate for fixed rate mortgage loans tends to be higher than that of variable rate mortgage loans.

Answer 4

You'll get approved for sure, you'll definitely want to keep paying off those credit cards as they're standing in the way of the additional debt (mortgage to come). If you can get completely rid of it first.