VIJAY GANDHI ,Sales Representative.
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ONE STOP SMART REAL ESTATE & MORTGAGE SOLUTIONS.™
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CENTUM MORTGAGE BROKERAGE & CALCULATORS
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What is a Pre-Approved Mortgage?
A pre-approved mortgage provides an interest rate guarantee from a lender for a specified period of time (usually 60 to 90 days) and for a set amount of money. The pre-approval is calculated based on information provided by you and is generally subject to certain conditions being met before the mortgage is finalized. Conditions would usually be things like ‘written employment and income confirmation’ and ‘down payment from your own resources’
for example:
As a Buyer you want to ensure you have a pre-approved mortgage in place before you go out looking for a home. This is to ensure that you are searching property within your affordable price range.
In summary, a pre-approved mortgage is one of the first steps a home buyer should take before beginning the buying process.
Whether you are planning to buy your first home or sell your existing home, contact us today!
We'd love to hear from you!
Mortgage Pre-Approvals made Easy...With the power of CENTUM- you Win.
Apply Online click Here
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Let us help you find out what you can afford! Our mortgage calculator will help you determine loan amounts, mortgage qualification, or whether you should be renting or buying.
Complete the fields below (e.g., Cost of Home, Down Payment, Monthly Income) and click Calculate Now. To view the different results of your calculation, click on the various tabs. To mail yourself a copy of your results, click the Receive this Detailed Analysis link.
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Results
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Receive this Detailed Analysis
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Your Monthly Payments
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Loan Amount: |
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Loan Insurance (%): |
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Total Loan (Mortgage) Amount: |
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Principal & Interest: |
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Homeowners Insurance: |
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Property Taxes: |
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Condo Fees: |
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Monthly Loan Insurance (%): |
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Total Monthly Payment: |
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Income Needed to Qualify for the Mortgage |
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Total Monthly Loan Payment: |
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Total Monthly Debt Payment: |
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Monthly Loan Insurance (%): |
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Qualifying Income of % GDS Ratio: |
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Qualifying Income of % TDS Ratio: |
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What You Can Afford |
We are using the % ratio. |
Cost of House: |
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Down Payment: |
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Loan Value: |
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Monthly Principal & Interest: |
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Monthly Insurance: |
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Monthly Property Tax: |
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Monthly Condo Fees: |
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Cost of House = [(Monthly income x Debt Ratio) – monthly tax – monthly insurance – condo fee] / (monthly interest rate/ function of interest rate) |
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