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Dive into the World of Mortgages

MortgageNumber.com

 

Alright, let’s dive into the world of mortgages and the Mortgage Number tool in more detail.

Buying a home is a big financial decision, and for most people, it involves getting a mortgage loan. A mortgage is a loan that is used to purchase a property, and it is typically paid back over a period of 15 to 30 years. In order to get a mortgage, borrowers need to meet certain financial requirements, and one of the most important factors that lenders consider when reviewing a mortgage application is the borrower’s financial situation. Mortgage defined, click here.

Mortgage Number

That’s where the Mortgage Number tool comes in. It’s a tool designed to help borrowers understand their financial strengths and weaknesses before they apply for a mortgage. Mortgage Number provides borrowers with a numerical representation of their overall financial situation with transparency, which can be used to assess their eligibility for a mortgage loan and secure favorable mortgage terms. Mortgage Number is NOT a credit score. A credit score is just one variable out of seven that makes up your Mortgage Number; Mortgage Number is more advanced.

 

So, how does Mortgage Number make a Mortgage Number?

We take into account multiple variables that are weighted around importance through our algorithm that provides a number between 375-1000 or where one fits into today’s lending environment. Here is an area to research more about the Mortgage Number platform; https://mortgagenumber.com/research/.

Increase your chances of approval with confidence! Let’s take a look.

 

Mortgage NumberConfidence in your Mortgage Number

 

Credit Score:

One of the most important factors that lenders consider when reviewing a mortgage application is the borrower’s credit. It is used to assess the borrower’s ability to manage debt. Mortgage Number takes into account a borrower’s credit score, which is a numerical representation of their creditworthiness. The higher the credit score, the more likely a borrower is to qualify for a mortgage loan and receive favorable terms.

 

Debt-to-Income Ratio:

Another important factor that lenders consider when reviewing a mortgage application is the borrower’s debt-to-income ratio. This is a measure of how much debt a borrower has compared to their income. Mortgage Number takes into account a borrower’s debt-to-income ratio and can alert borrowers that they may need to reduce their debt before applying for a mortgage.

 

Down Payment Amount, LTV:

The down payment amount is the amount of money that a borrower puts down when purchasing a property. Mortgage Number takes into account a borrower’s down payment amount and can indicate whether they are likely to be approved for a mortgage. Generally speaking, the more money a borrower puts down, the less risky they are to the lender, and the more likely they are to receive favorable mortgage terms.

 

Income:

Your income is the engine behind what you can qualify for or not. You may have perfect credit but NO income. and cannot qualify for a loan.

 

Overall Financial Situation:

Finally, Mortgage Number takes into account a range of other financial factors, such as outstanding debts, income level, and overall financial stability, ratios. By analyzing all of these factors, Mortgage Number provides borrowers with a comprehensive assessment of their financial situation. This invaluable tool can be used to assess a potential homeowner’s eligibility for a mortgage loan and secure favorable mortgage terms.

 

So, how can borrowers use the Mortgage Number tool to their advantage?

 

Borrowers can get a sense of their financial situation by using Mortgage Number before applying for a mortgage. For example, if a borrower’s credit score is low, they may need to work on improving their credit. Similarly, if a borrower’s debt-to-income ratio is high, they may need to pay down some debt. Mortgage Number provides transparency to where you can actually see what Mortgage Number is through our number and dial.

 

In addition to credit score and debt-to-income ratio, lenders look at other financial factors like the down payment amount and outstanding debts. Mortgage Number takes all of these factors into account and provides borrowers with a comprehensive assessment of their financial situation. Analyzing these factors, Mortgage Number generates a numerical representation of a borrower’s ability to qualify for a mortgage loan. This can range from 375 to 1000, with 1000 being the best outcome. 

MortgageNumber.com

Mortgage Number 1000 can determine if a borrower is overqualified for a mortgage loan, which is a good thing! Additionally, it can provide borrowers with this comprehensive view of their financial situation, Mortgage Number can help. We help borrowers understand their strengths and weaknesses and take steps to improve their ability or reach! Give it a spin! https://mortgagenumber.com

 

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The Dynamic Duo of Home Financing

 

Ah, the Mortgage Number and the Dial – the dynamic duo of home financing. They’re like Batman and Robin, but instead of fighting crime, they’re fighting financial insecurity. And let’s be real, the world of mortgages can be pretty scary. It’s like trying to navigate a haunted house, but instead of ghosts and goblins, you’re dealing with interest rates and credit scores.

 

But fear not, because the Mortgage Number is here to save the day. It’s like a beacon of hope, shining a light on your financial situation and showing you the path to homeownership. And the best part? It’s all color-coded, so you don’t even have to think too hard. Just look at the Dial and let the colors guide you.

 

Let’s start with the good news. If you have a Mortgage Number of 1000, you’re basically a financial superstar. You’re the LeBron James of borrowers – unstoppable, overqualified, and ready to slam dunk that mortgage application. It’s like having a golden ticket to the chocolate factory, except instead of candy, you get a house.

 

But if you’re not quite a 1000-level borrower, don’t worry. It still works if your Mortgage Number is Green! It’s like being in the top 10% of your class, but instead of math and science, you’re facing the financial game. And the best part? You can actually improve your Mortgage Number by clicking on the red and green circles. It’s like playing a video game, but instead of fighting dragons, you’re finding your path.

 

Now, if your Mortgage Number is Gray, it’s not great, but it’s not terrible either. It’s like getting a C on a test – not exactly what you were hoping for, but not a complete disaster. And just like a C, you can still improve your Mortgage Number. Keep clicking those circles and watch your Mortgage Number rise. It’s a dynamic do-over!

 

But if your Mortgage Number is Gray and your credit score is under 620, well, let’s just say you’re in a bit of a pickle. It’s like trying to climb Mount Everest without any gear. Your Mortgage Number will be stuck in Gray purgatory until your credit situation improves, so get to work on improving that… Now, some lenders might give you a loan but chances are that the rate will not make it a fun experience. Spend the time and get that credit score above 620. A great tool for this is Credit Karma, it’s fast, free, and easy; https://www.creditkarma.com.

 

And finally, we have the dreaded RED. This is like getting a failing grade on a test – not fun, not pretty, and definitely not something you want to see on your Mortgage Number. 

 

MortgageNumber.com

 

But don’t despair, because the Dial has a secret weapon. The lower part of the Dial shows your strengths and weaknesses, like a financial mood ring. And just like a mood ring, these proportions can change with each click as your situation evolves. So keep clicking and watch those colors change.

 

Now, let’s talk about the elephant in the room – the R-word. Recession. It’s like Voldemort – we don’t like to say its name. But let’s be real, it’s a possibility. And if there’s one thing the Mortgage Number and the Dial can teach us, it’s that preparation is key. So, if you’re worried about a recession, start by checking your Mortgage Number. See where you stand and make adjustments if necessary. And if you’re in the Green or Gray zone, take advantage of the opportunity to improve your Number. Build up your savings, pay down debt, and make sure your credit score is in tip-top shape. Because when the recession hits, you want to be ready.

 

Don’t worry, because the Fed has your back. They’re like the Dumbledore of the financial world, casting spells to keep us safe. They can use tools like interest rate cuts to help soften the blow of a recession. Now, you may be wondering how the current economic climate factors into all of this. With fears of a recession looming, it’s natural to be cautious about taking on a mortgage. But don’t worry, because the Fed is here to help with a soft landing, fingers crossed

 

In simple terms, a soft landing refers to a controlled and gradual slowdown in the economy, as opposed to a sudden crash. The Fed can help achieve this by adjusting interest rates and implementing other monetary policies.

 

MortgageNumber.com

 

So, what does this mean for your Mortgage Number and the Dial? It means that while the economic landscape may be uncertain, there are still ways to navigate it successfully. Keep an eye on your Mortgage Number and make adjustments as needed, but also trust that the Fed is working to create a stable environment for borrowers and lenders alike.

 

And if all else fails, just remember that laughter is the best medicine. So why not make light of the situation and give your Mortgage Number and the Dial their own superhero theme song? After all, a little humor can go a long way in easing financial stress.

Mortgage Number

In conclusion, the Mortgage Number and the Dial may seem like just another set of numbers and colors, but they can actually be powerful tools for achieving financial success and your reach. By understanding their meanings and using them to your advantage, you can take control of your borrowing potential and unlock a brighter future. And even in uncertain economic times, don’t forget to keep a sense of humor and trust in the power of a soft landing.  For more information, click here.

 

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It’s a Wild Ride Out There in the Housing Market

 

Are you thinking about buying a house? Well, let me tell you, it’s a wild ride out there in the housing market and something has to give. The Mortgage Number Index is like the Richter scale for earthquakes, except instead of measuring seismic activity, it measures your financial stability. And let me tell you, things can get pretty shaky.

 

 

 

Mortgage Number Dial

 

Let’s say you’re making a cool $114,000 a year and you’re eyeing a $500,000 home with a 20% down payment of $100,000. That leaves you with a loan of $400,000, with a credit score between 680-719. Sounds doable, right? Well, it all depends on the interest rates.

Today’s Housing Market: Past, Present, Future

November of 2021, interest rates were 3.25% for a 30-year fixed mortgage, resulting in a Mortgage Number of 1000, which is the highest possible outcome. But fast-forward to today, and the interest rates have jumped up to 6.00%. That puts your Mortgage Number at 876, which means your debt-to-income ratio is now 37.9% instead of the previous 28.8%.

What does that mean for you? It means you’ll be paying $2,399 a month instead of $1,529 or $870 more per month. And that’s not even factoring in the cost of avocado toast.

But hey, there’s always hope, right in the housing market? Maybe interest rates will magically go down. Or maybe housing prices will drop. Or maybe aliens will come down and give us all free houses. Who knows? In the meantime, potential homebuyers need to be cautious and really think about their financial situation. Sure, it’s tempting to buy that dream house, but you don’t want to end up living in a cardboard box under a bridge because you couldn’t afford your mortgage.

And let’s not forget about black swan events. What’s a black swan event, you ask? It’s an unpredictable event that has a huge impact on the economy. Think a global pandemic, a war with Russia, or Justin Bieber announcing he’s running for president. Who knows what could happen?

Unlock your Potential in the Housing Market

All joking aside, the housing market is no laughing matter. It’s a complex system with a lot of moving parts. So, if you’re thinking about buying a house, do your research in the housing market, and crunch the numbers, Mortgage Number is the perfect tool to Co-Pilot this endeavor, so don’t be afraid to ask for help. https://mortgagenumber.com. And if all else fails, just remember: You can try and time the market, renting isn’t so bad. At least you don’t have to mow the lawn.

Capital Gains

The US economy is driven by consumer spending, and housing plays a vital role in capital gains. Currently, the capital gains threshold for real estate is $250,000 for a single household and $500,000 for a married household. These numbers have remained the same for the past 30 years. Doubling them to $500,000 for single households and $1,000,000 for married couples would have a significant impact on our economy. 

By increasing these thresholds, we would see a surge in the completion of housing projects. This results in more inventory and a flow of money that our economy thrives on. More people would be incentivized to sell their homes! This led to an increase in real estate transactions and subsequently, an increase in consumer spending. The additional capital gains would kick in after the new thresholds would generate additional revenue for the government. This could be invested in public infrastructure and other initiatives.

Stimulating the real estate market is crucial for the overall growth of our economy. As consumer spending is 70% of the US economy. Housing is the threshold to all spending, a boost in this sector would have a ripple effect on the economy as a whole. It would lead to increased employment opportunities, generate more revenue for businesses, and ultimately, result in an increase in consumer spending, can you say more tax revenue?

In conclusion, doubling the capital gains threshold for real estate would be a game-changer for the US economy. By doing so, we can jumpstart the real estate market. Generating more revenue for the government, and creating a positive economic impact that would be felt for years to come.

For a better understanding Mortgage Number for qualification options or solutions check out our site at Mortgage Number

 

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Mortgage Calculator | What is Cool?

 

What is Cool? 

What is cool and what’s the cost? This is a question that’s been asked for generations. From the greasers of the 1950s to the goths of the 1990s, every generation has had its own definition of what it means to be cool. But the cost of cool is a moving target, depending on where you are in life. What might have been cool for you at age 10 is definitely not the same as what’s cool for you at age 13. And as you get older, the cost of cool becomes more tangible, especially when it comes to money.

Pre-Qualify for a Mortgage

Several years ago, there was a TV commercial featuring a macho-looking dude in a helicopter flying over the Sahara Desert. As the camera panned over the breathtaking scenery, a voiceover described what you were seeing. And then, just when you thought the ad was over, the voiceover added something about his $8,000 watch. The commercial then shifted gears, with a different voice and tone explaining that the $8,000 would cost him $72,569 later in life. The ad was for some financial firm, and it really got people thinking.

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So, where is the cool part of all of this? Sure, wearing an $8,000 watch might get you some attention, but what happens later in life when all those choices you made start adding up? Cool has a price, and so does uncool. And where we draw the line says a lot about us, even if we get sound advice and pick and choose what we want to follow. You could be eating Ramon noodles at 70, not by choice, but hey, you’ll know what time it is.

WAYD

How to purchase a home

Enter WAYD and Mortgage Number. This is a page on the Mortgage Number website that really drills into these ideas. It’s for people who have had a mortgage for some time, say a minimum of 5 years. What is the cost of a refinance? Not just the expense of the action, but starting the term over. Yes, a lower rate will lower your payment, but what else is happening? It’s okay to save money, sure. But the next phase is when you pull cash out to pay off debts. And this is where the problem lies.

Refinance Calculator

Pulling cash out of your home can be a valid financial decision where the benefit outweighs the long-term effect. These are choices we make, and the danger can arise when the house becomes an ATM machine, subsidizing lifestyle wants and needs. (Did you really need that?). This model was designed to illustrate what you have been doing with your mortgage balance. Are you maintaining, reducing, or growing your balance? An interest-only loan or a refinance starting the amortization over can cause this, along with cash-out. Check out WAYD

Online Amortization Calculator

And this is where the gas analogy comes in. Are you ready? It’s like putting expensive gas in your car so the engine lasts longer. The problem with this logic is that you will never own the car long enough to benefit from the engine lasting longer or for it to show up (some cars require it so those people are disqualified from this). 

So, you spent $2,100 more on gas in the 60,000 miles you owned the car (for those of you keeping track, that’s 35 cents more per gallon for that higher octane). Why? Because you didn’t keep the car long enough to see the benefits of your investment because you sold it! Gas companies love you! (Don’t get me started on electric cars, the frequency will change and turnover will slow down, people will keep their electric cars longer than ICE cars, but that’s a future conversation).

The point is that kicking the can down the road cost more than picking it up. Here is a twist on this.

Refinancing your mortgage to subsidize your lifestyle is like borrowing from your future self. You may have more cash in hand now, but you’ll pay the price down the road.

Or

Mortgaging your home to fund your current lifestyle is like robbing Peter to pay Paul. You may feel relieved now, but the consequences will catch up with you eventually.

Or

Taking out money from your home to finance your current expenses is like digging a deeper hole for yourself. Sure, you may get some short-term relief, but you’re setting yourself up for bigger problems in the future.

Or

Refinancing your mortgage to support your lifestyle is like living beyond your means. It may seem like a good idea at the time, but sooner or later, the bills will come due.

Though, this is probably why the reverse mortgage was born, out of necessity where and when there was none. It’s like you have so much shit in your garage that you need a storage locker.

…I can’t help myself.

Let’s go back to the gas thing.

Do you give to charity? 

Yes – GREAT!

No – That’s fine too.

But if it’s a No and you’re putting more expensive gas in your car, then you are giving to charity, food for thought…

So, what is cool? Come full circle and ask a 10-year-old.  Click here for more information.

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What is LLPA? Q&A’s (unrated version) | Buy a House

 

What is LLPA? Q&A’s (unrated version)

Why Do I Need a Mortgage Number?

What is LLPA? Ah, LLPA, is the tool of the trade for lenders who want to make sure they’re not taking on too much risk. After all, who needs to worry about whether a borrower can actually pay back their loan when you can just slap on some Loan-Level Price Adjustments, am I right? If you really want to get lost, to look at this, click here.

 

These little fees and pricing adjustments are just the ticket for lenders looking to maintain their profitability. They can jack up the price of a mortgage based on all sorts of factors like credit score, down payment size, property type, and loan-to-value ratio. And since these fees are often required by the secondary market purchasers of the loan, they’re not even negotiable.

 

But hey, it’s not all bad news! What is LLP? LLPA can actually be a good thing for lenders and investors who want to make sure they’re not taking on too much risk. It’s just important for borrowers to be aware of the potential impact of LLPA fees when shopping for a mortgage.

 

So, if you’re looking to avoid LLPA fees, good luck with that. But hey, at least you can shop around and compare rates to find the best deal. Just make sure you’re not sacrificing too much on the loan terms to avoid those pesky little fees.

Refinancing

Mortgage Calculator: So, who benefits from this? 

 

Loan-Level Price Adjustments (LLPA) – the sneaky little tool used by lenders to extract every last penny from borrowers. With LLPA, lenders can adjust the pricing of a mortgage loan based on specific loan characteristics. This includes the credit score, down payment, and loan-to-value ratio, all in the name of “managing risk” and “maintaining profitability.”

 

But who benefits from LLPA? Certainly not the borrower, who may end up paying higher fees and interest rates. This ultimately increases the overall cost of the loan. No, LLPA benefits lenders and investors by ensuring that they get the best return on their investment, even if it means squeezing every last dollar out of the borrower.

 

And if you thought it couldn’t get worse, LLPA can also limit the availability of mortgage financing for certain types of borrowers. If you have a lower credit score or a smaller down payment, prepare to be hit with even higher fees and limited loan program options.

 

So while LLPA may benefit lenders and investors by helping them manage risk and maintain profitability, it’s crucial for borrowers to be aware of the potential impact of LLPA fees and to shop around for the best loan options to avoid getting ripped off. 

 

Don’t let the sneaky tactics of lenders catch you off guard. Stay informed and take control of your finances.

Mortgage Number and How it Works

Ok, who gets hurt by this?

 

Why did the LLPA cross the road? To charge borrowers more fees on the other side!

 

But in all seriousness, Loan-Level Price Adjustments (LLPA) can be a pain in the wallet for borrowers, especially those with less-than-perfect credit or who are already stretching their finances to buy a home. LLPA fees can add up and make it harder for some borrowers to qualify for a mortgage or afford the monthly payments.

 

And don’t get us started on how LLPA can limit the types of loans available to certain borrowers. It’s like going to a buffet but being told you can only have one type of food based on some arbitrary rules.

 

So, borrowers beware! When shopping for a mortgage, don’t forget to factor in the potential impact of LLPA fees and make sure you’re getting the best deal possible. Or just find a rich uncle who can loan you the money without any pesky fees. Easy, right?

Loan Payment Calculation

What is the moral of the story?

 

Here is the deal with Loan-Level Price Adjustments (LLPA) – they’re like the hidden fees you find on your phone bill or at the end of a restaurant meal. You think you’re getting a great deal on your mortgage, and then BAM! Suddenly, there’s an extra charge tacked on that you never saw coming. It’s like the mortgage lenders are saying, “Surprise, we just wanted to make a little extra money off of you!”

 

But seriously, LLPA can be a bit of a downer for borrowers. It’s like trying to make it through a crowded subway car during rush hour. It is because you’re already struggling to keep your head above water, and then someone comes along and throws an extra heavy backpack on your shoulders. It’s not a deal breaker, but it definitely makes things more difficult.

 

It’s important for borrowers to be aware of the potential impact of LLPA fees when shopping for a mortgage. By understanding the total cost of the loan (including any additional fees or charges) borrowers can make informed decisions and avoid any surprises or hidden costs down the road.

Debt-to-Income Ratio

Mortgage Number

 

We’ll need to keep an eye on LLPA (Loan-Level Price Adjustments) and its impact on mortgages. Since LLPA is a relatively new concept, it may take some time to fully understand its implications. We should wait and see how it develops before making any hasty decisions. As more information becomes available, we can evaluate the potential risks and benefits associated with LLPA. Stay tuned for updates and check out our site.

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Take Control of Your Mortgage Journey | Mortgage Number

 

Take Control of Your Mortgage Journey

Are you tired of feeling like a lost sheep in the online mortgage qualification industry, blindly following outdated algorithms and platforms? Well, fear not my friend, because Mortgage Number is here to empower you to take control of your mortgage journey like a boss!

In fact, it’s only a matter of time before professionals are using our platform for their own good. So, say goodbye to the days of waiting for a call as a mortgage lead from that long form you filled out, and say hello to the most advanced mortgage qualification platform available. 

We’re like the 3.0 version of mortgage qualification, while everyone else is still stuck in the 1.0 era. Why dumb ourselves down? Let’s be honest, you don’t need a professional to hold your hand at this stage through this process, that comes later. With Mortgage Number, you’ll feel like a self-sufficient genius in no time! So, what are you waiting for? Join the future of mortgage qualification with Mortgage Number today!

How Your Mortgage Number Works

Take Control of Your Mortgage Journey like a Super Hero

Super Powers

Our platform is so dynamic that even Batman and Robin have taken notice! It’s practically like having your own personal financial advisor, except ours doesn’t judge you for splurging on that extra shot of espresso in your latte.

And who needs to dress up for a meeting with us? We’re not like those stuffy banks with their “no shoes, no shirt, no service” policies. Show up in your pajamas if you want, we won’t judge! In fact, we encourage it! Our goal is to make the mortgage qualification process as stress-free and comfortable as possible.

So, if you’re ready to take your mortgage journey to the next level, join the ranks of Batman and Robin and learn your Mortgage Number today!

How much mortgage might I qualify for?

Take Control of Your Mortgage Journey: Mobile Friendly 

We promise to provide you with a comprehensive analysis of your financial reach when it comes to qualifying for a mortgage, without causing you any headaches or confusion. In fact, our platform is so user-friendly that even your grandma who still uses a flip phone can navigate it like a pro!

Pre-Qualify for a Mortgage

And forget about relying on third or second parties for information. With Mortgage Number, you’ll have advanced insights and take control of your mortgage journey like a champ. Who needs a social life when you can spend your evenings analyzing your mortgage options, you’ll be jumping up and down in bed with valuable insights, am I right? We made it fun, really!

In conclusion, if you’re ready to tackle the mortgage industry with absolutely no expertise or guidance, Mortgage Number is your perfect match. No more feeling like a helpless pawn in the game of mortgages. Learn your Mortgage Number today, and get ready for the thrill of finding out your financial fate in seconds flat! 

Take Control Of Your Mortgage Journey with Mortgage Number

In today’s mortgage environment, know your Mortgage Number® before you start the mortgage application process.

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Today’s Mortgage Environment | Mortgage Number

Overall Strengths and Weaknesses in Today’s Mortgage Environment

Welcome

Let’s not waste time. Mortgage Number® illustrates your overall strengths and weaknesses in today’s mortgage environment.

With ‘Green’, you qualify. The higher your Mortgage Number, the stronger you are from the lender’s perspective. With Gray; you’re close and Red; needs work. Let’s take a look!

Mortgage Number® is not a credit score but offers insight into how financial institutions view you as a borrower, your strengths, and your weaknesses.

If you’re going with a Direct Lender or Mortgage Broker, knowing your ‘strengths and weaknesses’ can be to your advantage. Obtaining the lowest interest rate with the lowest fees is the goal. Knowing how the financial world views you as a borrower can save you time and money. Mortgage Number will get you there.

How much mortgage might I qualify for?

Today’s Mortgage Environment: Advantage You

Mortgage Number® is the first step in financing your Home with a Purchase or Refinance. We provide the opportunity to explore what is most beneficial to you when it comes to ‘qualifying for a mortgage’. To further expand on a mortgage loan click here.

Unlocking your potential is our goal. Our site is intended for planning and educational purposes and relies on your input and assumptions. So when it comes time to connect with a Lender, you’re ready. Similar to a credit score, our Number Range is 375-1000; with 1000 being the best.

Mortgage Eligibility Criteria

Online Search

Sure. Have you searched ‘mortgage qualification’ and have been satisfied with the experience or information? Typically, you go through several pages, surrendering personal information with no reward or conclusion other than, ‘someone’ will get back to you…

NOW you can instantly know what you qualify for with NO personal information needed or required and with no commitment.
Our approach provides relevant, situational meaning, tailored to you instantly, enabling you to move forward with confidence!

Underwriting

Today there are two underwriting standards that you can qualify with.

  • One is the Qualified Mortgage (QM) which utilizes the traditional underwriting standard.
  • Second, a NON-Qualified Mortgage (NON-QM) offers more possibilities for you to qualify. NON-QM underwriting does not follow the traditional standard.

Mortgage Number utilizes both. This confluence provides the best of both worlds when it comes to qualifying for a mortgage. This collective greatly enhances your qualifying reach, allowing you to do more when it comes to qualifying. Tap into the power of both lending continuums and know where you fit in today’s lending environment.

Qualification Calculator

Lenders

Lenders like people that can qualify for the mortgage payment, simple enough. It does not stop there, today’s lenders also want you to be able to make all your payments beyond your housing costs and taxes without difficulty.

Mortgage Number provides ‘insight’ on what lenders like through our ‘Dial‘; your Color and Number. With Green you qualify, the higher your Mortgage Number makes you a stronger borrower in their eyes. A Mortgage Number of 1000 with NO RED indicates that you’re ‘over qualified’. This can be rewarded with better rates and terms.

In today’s mortgage environment, know your Mortgage Number® before you start the mortgage application process.

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How Do I Calculate Minimum Monthly Debt?


How do I calculate minimum monthly Debt?

It is critical you get your minimum monthly Debt number right and hope this provides information that is useful to help you scale your mortgage goals and save you time. Ideally having no monthly debt should be the goal as you can stretch your dollars much further and qualify for more, it gives you more options is all.

What counts?

Calculating your minimum monthly debt can be a real pain in the assets. But don’t worry, we’re here to help!

To start, let’s clarify what counts as debt. If it shows up on your credit report, like personal loan, car payment or credit card bills, then it counts. Let’s not forget about alimony if there is, But if you owe money to your cousin for that time they bailed you out of jail, then that doesn’t count (sorry, cuz).

9 Hyper-Relevant Andy Warhol Quotes That Prove the Pop Artist Is Still 90 Years Young

So, let’s re-cap

Say you have 3 credit cards, a car payment and a loan, could be a personal or student loan.

Credit card #1 balance is, say $1,200 and the minimum monthly payment is $50.00. Credit card #2 balance is $800 and the minimum monthly payment is $35.00. Credit card #3 balance is $600 and the minimum monthly is $25.00. Your car payment is $447 per month and your personal or student loan is $336 per month. It sounds like you’re in more debt than the US government, but don’t panic just yet. We just need to figure out your minimum monthly debt payment.

Here’s an underwriting hack for you: if you have less than 10 months left on a car, boat, RV, or personal/student loan, you don’t need to count those payments. It’s like a get-out-of-debt-free card, but with a time limit.

So, what’s the magic number that the bank underwriter will use? Drumroll please… it’s $893. If that number makes you want to curl up in the fetal position, don’t worry, you’re not alone.

Debt is an uphill battle

But here’s the good news: if you didn’t have that pesky debt, you could qualify for a mortgage while making $2,232 less per month. That’s like winning the lottery, but without all the screaming and confetti. What does this mean? Without that Debt you could qualify making $2,232 less per month, but you need to make $2,232 MORE per month because of the $893 monthly minimum debt payment with the same loan amount.


Mortgage Number, Advantage You


To help you figure out your finances, check out Mortgage Number’s awesome calculations. They have everything from “Income to Qualify” to “Borrowing Power” to “Rent Money” (which is not to be confused with the money you spend on rent boys and girls, that’s a different blog post entirely). They even have a payment calculator that can help you find the fourth missing number. It’s like playing a game of math Sudoku, but without all the anxiety and pencil marks.

In conclusion, debt sucks. But with a little bit of humor and some helpful calculations, you can figure out your minimum monthly debt and take control of your finances. And who knows, maybe one day you’ll be debt-free and able to afford that yacht you’ve always wanted. (Just don’t forget to invite us on your maiden voyage!)


Get your mortgage number today, it’s easy!

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Housing solutions

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Grow homeownership

Out of the box 1

Housing solutions for economic growth can broaden homeownership and can have a significant impact on the real estate and mortgage markets. However, in order to encourage more people to become homeowners, we need to provide them with incentives that make the process more affordable and accessible. One such incentive is to offer a 1.50% subsidy on an interest rate or discount on conforming loan limits. This would reduce the interest rate, payment and make it easier for people to buy homes; qualifying wise.

Let’s take a look at an example of how this could work. If you were given the choice between a 6.5% 30-year fixed interest rate on a $300,000 loan amount or a rate of 5.00%, which would you choose? With the lower interest rate, you would lose all of your interest write-off, but you would save $265 per month, which would add up to $120,000 over the life of the loan in interest. On the other hand, with the higher rate and with mortgage interest write-off, you would save $76,500 over the same period. A difference of $43,500 without the write-off and the lower rate.

6.50% or 5.00%, Should I Stay Or Should I Go Now?

According to the National Association of Realtors, the median tenure for homeownership in the United States is 10 years. At the 10-year mark, if you had taken the 6.50% rate, you would have received a write-off of $42,900, while with the 5.00% rate, you would have saved $45,000, which is almost a tie after a vacation. This goes to show that even small changes in interest rates can have a significant impact on savings over time.

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Multi-million dollar homes.

Now, where does the 1.50% subsidy come from, and who pays for it? There are roughly 10,000,000 households that can buy a $2,000,000 house in the US. For tax years prior to 2018, homeowners could deduct mortgage interest on loans up to $1 million. However, starting in 2018, the Tax Cuts and Jobs Act (TCJA) reduced the maximum. The max limit for new mortgages is now $750,000, while still allowing homeowners with mortgages taken out before December 15, 2017. This means that homeowners are getting squeezed, rather than being incentivized to become homeowners.

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Housing solutions for economic growth

Filling the gap

To combat this issue, we can offer a subsidy on conforming loan limits. These are loan amounts that can change or adjust each year for the most part based on the medium loan amount nation wide. The subsidy with the 1.50% in interest rate reduction would only be available to conforming loan limits. Homeowners would have the option to opt into this program or not. The $15-20 billion found from the 10M households would pay for this subsidy. Yes these people would lose their tax deduction, but there’re buying a $2,000,000+ property. Yes, anyone purchasing a 2M+ property would lose their $750,000 cap interest tax write-off. That works out to about $1,500 per month. What does this mean? It’s less than 10% of net income.

In conclusion, providing a subsidy on conforming loans can be a windfall for stronger homeownership and the economy for all. Homeownership is the threshold for all spending. This making it easier and more affordable for people to buy homes. We can encourage them to become homeowners and drive economic growth.

Out of the box 2

The US economy is driven by consumer spending, and housing plays a vital role in this. Currently, the capital gains threshold for real estate is $250,000 for a single household and $500,000 for a married household. These numbers have remained the same for the past 30 years. Doubling them to $500,000 for single households and $1,000,000 for married couples would have a significant impact on our economy. Learn more here.

Housing solutions for economic growth

Housing solutions for economic growth

By increasing these thresholds, we would see a surge in housing. This resulting in more inventory and a flow of money that our economy thrives on. More people would be incentivized to sell their homes! This leading to an increase in real estate transactions and subsequently, an increase in consumer spending. The additional capital gains would kick in after the new thresholds would generate additional revenue for the government. This could be invested in public infrastructure and other initiatives.

Stimulating the real estate market is crucial for the overall growth of our economy. As consumer spending is 70% of the US economy. Housing is the threshold to all spending, a boost in this sector would have a ripple effect on the economy as a whole. It would lead to increased employment opportunities, generate more revenue for businesses, and ultimately, result in an increase in consumer spending. The theme here economic growth, that is the goal.

Housing solutions for economic growth

In conclusion, doubling the capital gains threshold for real estate would be a game-changer for the US economy. By doing so, we can jumpstart the real estate market. Generating more revenue for the government, and create a positive economic impact that would be felt for years to come.

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Pre-Qualify for a Mortgage | This is just in

 

This just in.

It Can Be Confusing, But Not Any More!

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Mortgage Number makes it easy to qualify.The Best Outcome

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