Thursday, February 25, 2010

How much can you borrow for a home mortgage loan?

Borrowers who’re looking for buying a home for the first time frequently ask the question - how much can I borrow for a mortgage? When you have this type of questions, given below are some financial details that you should understand.

Buying a home is an important investment in your life and it needs a lot of money. Most of the time, borrowers don’t have sufficient cash to buy their homes. As a result, they need to go for a loan to fulfill their dream of homeownership. Mortgage lenders come up with a variety of loan products to satisfy various requirements of the potential home buyers.

Now, the crucial question for all homebuyers is “how much can I borrow for a mortgage”.

Rule of thumb on the maximum mortgage amount you can borrow

If you’re single or the sole breadwinner of your family, the maximum mortgage amount that you should borrow is usually 3 to 3.5 times your gross yearly income before deducting taxes.

For instance, if your salary is $35,000 every year, then the maximum loan amount that you can borrow is $105,000.

When you’re borrowing a home loan with a spouse or friend, the maximum amount that you can borrow as a loan is 2.5 times your joint yearly salary before taxes.

For instance, if the joint salary amount is $50,000 per year, then the maximum mortgage that can be borrowed is $125,000.

If you’re a self-employed individual or running a business, then the maximum amount you can borrow is dependent on your business accounts and would possibly be worked out by taking your net income into account.

Loan affordability

Home loan affordability is a tool that the lenders implement to evaluate how much you can borrow. Expenses like credit card payments, livelihood expenses and student loan payments are deducted from your monthly income. The left over amount is your mortgage payment and the rule of thumb is that it shouldn’t be more than 28% of your monthly income. In addition, your overall debt payments (including housing payments) shouldn’t exceed 36% of your monthly income. This formula is expressed in terms of a ratio, which is known as the debt-to-income ratio. Lenders use this ratio to analyze your repayment capacity. Your credit score and down payment also play an important role in how much mortgage you would be offered by the lenders.

Prior to choosing a home loan, you must work out how much loan you can afford. This would help you make a good home buying decision.

Wednesday, February 10, 2010

Faxless Payday Loans - You Are Eligible

faxless payday loan
When you happen to have an urgent need in quick cash, getting a faxless payday loan is definitely the best solution for you. In this way you can get the money you need fast and with minimal effort, and, which is even more important, with no problems at all. The sums up to $1500 are available precisely to everyone, no matter what credit history he does have and what the purpose of the loan is. If you need your car to be repaired, an unexpected bill paid, tickets bought or if there is anything else that has to be purchased - instant faxless payday loan is exactly what you want.

Faxless and Painless

Faxless payday loans are online payday loans that do not require faxing any documents. The whole application process involves only filling in an online application form. Not all the online lenders that provide payday loans have a faxless procedure, so be careful when selecting a company to borrow from: only faxless payday loans guarantee you very fast money, as when you have to fax in your documents, it takes some time for you to do this and for them to review.

To apply for your loan you need to be over 18 years old, a US citizen, employed, and have an income at least $1000 monthly (usually). When you apply for no fax payday loan you will not be asked to fax any documents or financial data, and your application will be reviewed only upon the information you've provided in the submitted form. There will not be any credit history check performed, so even if yours is very bad, this shouldn't have any impact on your approval.

Online application forms for advance payday loans are very secure, and you should not be afraid your personal and financial information to be stolen and used to hurt you. There is even more: no faxing payday loans are confidential, and if you do not want your friends or relatives know you are using a loan, this is a great solution for you.

Time Goes Fast, but You Won't be Late

As soon as you've submitted your online application form for a cash advance, it needs to be reviewed by lender to check if you are eligible. If you are (and you are very very likely to be), the requested money will be transferred onto your checking account. The transfer usually takes up to one business day, but sometimes can be performed within several minutes. Express transfer is what makes faxless payday loans become more and more popular.

When you have the money in your hands, you are free to use it any way you like, just make sure you do not skip the pay day to give it back. By the way, if you prove to be a good and reliable borrower, this might help you to get greater sums in future.

A faxless payday loan can be called one of the easiest and most handy ways to get quick cash on your temporary needs, it takes almost no time to get it and there are many advantages that make more people trust it every day.

Monday, February 1, 2010

Easy No Fax Payday Loans

Instant No Fax Payday Loans For You

Some people are not familiar with no fax payday loan, but those who are, know that it is a friend in need. Yes, it's a loan that can help you to overcome all your emergency financial needs before your actual payday arrives. Instant faxless payday loan can help you to clear some of your small financial needs that crop up in the middle of the month. This loan ensures that you are not left high and dry when you have to pay for your son's summer project or our wife's sudden demand for extra cash. But what actually is a payday loan? Payday loan is a small loan that is disbursed by the banks and the financial institutions for a short period of time i.e. till your next payday.

No faxing instant payday loan is a loan that is given without any mortgages or securities and you are to pay back the money on our next payday. No fax payday loan ensures that you are able to get hold of your loan within one or two days of your application. You can avail the loan at minimum or no paper work. Yes, contrary to the general belief or convention that a loan has to pass through stringent scrutiny of loan application, you can get access to payday loan with no hassle. This loan requires you to only submit your application and you would get the required amount of money on the same day.

Easy No Fax Payday Loans Online

There are many financial companies that offer their online support for the disbursal of easy no fax payday loan and you only need to log on to their site for the submission of the application. Here, you are required to fill the online application form and within 24 hours of its submission, you would be having the requested cash. Neither do you require faxing your application nor do you have to go through a credit check. As we have already mentioned that this loan is for the purpose of sufficing your urgent but small financial needs, so the value of instant online payday loan generally does not exceed the limit of $1500.

Instant no fax payday loan is not the one that requires you to pass the stringent credit check or any other cumbersome paperwork, so you are handed your loan amount within 24 hours of the submission of your application. No fax payday loan does not mean that you have to wait in the bank's queue for 2 hours or faxing our application and waiting for it approval for a week; online submission of application would get you your loan in a jiffy.

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