How Much Mortgage can your rental budget afford?
The average mortgage cost for every $100,000 borrowed is about $670
per month.
Information Usually Requested for Mortgage Application:
1. W-2 [2 years] & 2 current pay stubs
2. Landlord Name/Address - Past 2 years
3. Employer Name/Address - 2 year history
4. Purchase Agreement
5. Bank name, account number, balances
6. Bank Statement - Latest 3 months, all accounts
7. Open loans/mortgages: Name, address, account number, monthly payment & balances on each.
8. Latest credit card statements
9. Check for appraisal & credit reports
Self-employment - Last 2 years tax returns w/Schedules, year-to-date, P & L.
Borrower's Guide to Home Loans:
If you are unsure of your financing options & would like to speak confidentially with a Broker, please call our main office. If it is legal & can be done, we will find a way to help you through.
Alcove Realty's Main Office: 617-868-8500