Here is an interesting mortgage story about a couple having a hard time closing their mortgage with Bank of America. They made a video to help move the process along.
Their effort paid off as BofA picked up the per diem penalties of $50 a day.
For the opening post of Mortgage Tips & Talk on PitiCalc.com, I thought it would be appropriate to share our story and how PitiCalc.com came about.
As a previous 22 year veteran of the mortgage industry, I have helped thousands of people buy homes and refinance over the years. During that time I answered alot of the same questions over and over, some of the most common being:
Also during this time I learned to code and discovered that I like the creative process of programming. So I took my knowledge of both and developed PitiCalc.com that answers some of the basic questions most people have about mortgages.
All of the calculations are based on standard Fannie Mae / Freddie Mac underwriting guidelines that are used to approve mortgages today. (PDF version available here: https://www.efanniemae.com/sf/guides/ssg/sgpdf.jsp)
Here you’ll calculate your mortgage payment with taxes and insurance and an estimated private mortgage insurance if your over 80% loan to value and you’ll learn when the PMI would automatically drop.
You can view a detailed mortgage amortization schedule. See your debt to income ratios and learn the maximum mortgage amount you qualify for.
Although everyone is personal situation is different, the basic guidelines used to determine your maximum mortgage amount are pretty consistent.
We use this guidelines to give you an idea of what you can qualify for based on income, debt and credit history.
In the end, you should always work one on one with a seasoned mortgage professional who can help you with the nuances of qualifying for mortgage but until your ready to do so, PitiCalc.com can provide you the basic answers you seek.
I look forward to sharing mortgage tips via the blog and as always your feedback and suggestions are always appreciated.