How much house can you afford? Once you’ve figured out your upfront costs, knowing how that overall purchase price translates to your monthly mortgage payment will give you a better idea of what you can comfortably manage. Here’s a closer look at a few of the key factors lenders weigh...
The IRS uses your AGI and MAGI to determine whether you qualify for certain tax deductions or credits. If your AGI (or MAGI) is below certain thresholds, you may qualify for more tax deductions. Therefore, you may be wondering how you can reduce your AGI in order to c...
Once you reach this step, your next questions might be, how much mortgage can I afford and how much can I borrow? Banks look atthree main factorswhen determining your mortgage and repayment plan. The first is how much you pay up front as a down payment. The second is your outstanding d...
Calculate any tax credits you have. Subtract the credits from the amount of tax you owe. For example, if you qualify for a $1,000 saver's credit and a $3,000 education credit, your $33,600 tax liability decreases to $29,600. Inspect your W-2s to determine how much your employer(s...
Fixed rate mortgage plans have higher interest rates, because they offer protection to you if the interest rate increases. However, it is suitable for people who have acquired 30-year mortgage plans, and plan on living in that home for a long time. Difficult to qualify for Another factor ...
Having some money set aside shows lenders you are ready for owning a home and ensures you have money to pay for the costs of owning a property, which includes costs above and beyond the mortgage. Having cash on hand can also make you more attractive to lenders and can help you qualify ...
Simply put, having too much debt relative to your income will make it harder to qualify for some home loans. That's why many common forms of debt — like student loan debt or credit card debt— can be a major barrier to homeownership. Mortgage lenders want to make sure borrowers haven'...
Griffin Funding can calculate your DSCR to determine your ability to repay the loan and the amount you qualify for. Then, once you’re ready to invest in real estate, you can apply for a DSCR loan. Our mortgage experts can guide you through every step of the process — from application ...
The recent rapid rise in home prices may have affected the equity you have in your home. Here’s how to figure out how much you have — and how to make the most of it. THE AVERAGE HOME PRICE IS UP SHARPLY over the past five years, and you may be sitting in an asset with a ver...
Many taxpayers earn income from several different sources. In this video, you'll learn how to calculate your adjusted gross income, which will help you deduce how much tax you owe.