Determining Monthly Borrowing Power of Consumers

The monthly borrowing power is something all consumers must determine before they consider applying for and obtaining any loan, especially a mortgage. It pertains to the amount that an individual could comfortably shoulder as a loan repayment each month. That amount would take into considerations many other financial factors like the basic and necessary expenses and usual discretionary spending.

In general, any borrower should avoid getting a mortgage or loan that bears monthly payment that is greater than his monthly borrowing power. Anyone who takes the great risk of doing so could end up in real and inevitable trouble in the long run. A responsible consumer would first take time and effort to know more about his borrowing power on a monthly basis before taking actions to obtain any loan, especially a mortgage.

There is so much at stake when a person gets a mortgage. It is a secured type of loan, wherein his house is made the collateral or security. In case of a default, the lender assumes the right to repossess the property and sell it just to cover the loan amount that the borrower failed to repay. Consequently, the borrower would lose his home, damage his credit score, and end up totally demoralized (and homeless).

So how does one determine such a borrowing power? There is no need to use complicated mathematical formulas and calculations. Using the typical online mortgage calculator featured in most Websites of loan providers would be ideal. To use the tool, fill in specified blanks, which usually consist of the principal or loan amount, the interest rate (monthly), and the term or duration of the loan. After just a click, the calculator would provide the total loan amount after the maturity and the monthly amortization required.

The data obtained would be the basis for determining the individual’s monthly borrowing power. The monthly repayment amount should be much lower than the total monthly income earned by the person. An individual has to spend for many other expenses in a month (necessities, rents, savings, other loan repayments, children’s education, food, and the likes). If adding those monthly expenses and the monthly amortization on a possible mortgage would still be lower than the total monthly income, the amount (monthly amortization) could be considered as within his borrowing power for the moment. The borrowing power could reach an amount wherein the difference between the monthly earnings and overall expenses (including the possible mortgage amortization) could reach a break-even.   

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Debt to Income Ratio Measures That Can Merit Loan Approval

Before even considering taking out a loan, you may want to know beforehand if there is a possibility that your application will be approved. There are many factors that a lender undertakes before a loan application can merit approval. One way to determine it is through the debt to income ratio. This ratio represents the percentage of debt allocated within your income. The debt includes the existing and the amount that is still being applied. As such, the higher the amount of existing debt, the lower the chances of the loan application being approved especially if the loan amount will exceed the acceptable debt ratio considered by lenders.

Definitely, no lender will ever let their money borrowed if they do not see any capability on the loan applicant to pay back what was borrowed plus any interests. They always want to make sure that the money they have lent will be returned to them within the agreed monthly payments. This is why lenders have several measures to make sure that they are giving the loan to the right borrower. Typically, to merit an approval from a lender, the debt to income ratio of a loan applicant must not go beyond the 36% to 42% bracket. This means that if a loan applicant has an existing debt that already takes 25% of his net income, the additional loan amount that he can be allowed to borrow will only be within 11% to 17%. The amount of a loan one can get is also called their borrowing power.

This is what the lender believes the only allowable and acceptable range to which a loan applicant can still manage to pay his obligations. Beyond this percentage, there will already be uncertainties whether the borrower can still pay what has been borrowed.

Most lenders are really very cautious when giving loan approvals to protect their business from loss due to payment defaults. Their business grows through the interest earned by the money they have lent. Further, because they are dealing with money, they want to make sure that it should only be entrusted to the right one. This is the reason why they have to give a ceiling to the debt to income ratio. In essence, this debt ratio is not just helpful to lenders in determining the right clients for them. This can also be beneficial to borrowers as this ratio will help them manage their finances better. Through this ratio, they can know whether they are already borrowing beyond their means.

The bank says you don’t have the borrowing power; Why?

Qualifying for a home loan is not as easy as it used it be. Before, almost everyone got approved. Now, banks are a little more careful about whom they lend money to. They want to make sure the borrower can actually payback the money according to the terms of the loan. They do that by determining your borrowing power. When the bank says you don’t have the borrowing power – wait, you don’t have to go to the bank to know this, just check out a mortgage calculator.

This easy to find online tool can help you determine whether you have enough borrowing power to afford to buy a home before you go to the bank. Borrowing power figures heavily in your credit-worthiness. It’s based on your income and financial commitments. Your income, debts, monthly bills, dependants and credit limit are compared to give you an estimate as to how much you can borrow. Your credit limit, income and past defaults are all factors. A bank may also consider a person with the option to go into more debt a higher risk. It’s important to understand that lending criteria can vary by institution and may also consider living expenses and your saving habits.   

Once you’ve used our borrowing power calculator, be honest with yourself. Bring all your financial skeletons out of the closet, even the scary ones. It’s better to take care of any potential hindrances before you go to the bank. Some fixes are easy, others may require years. You can start with pairing down your credit cards, especially high interest department store cards. Less debt in general equals more money available to pay on the loan you’re applying for.

Considering the wide availability of these tools online, there’s no reason for an applicant to endure this rejection. Know your borrowing power before you go to the bank.

How Much of a Home Equity Loan Can I Get?

In 2011 most banks and mortgage lenders are giving 80% loan to value worth of a home equity loan pending your credit approval. If your home is paid off completely then you’ll have to get an appraisal to see how much it’s worth and you can get a home equity loan for 80% of that number.

Why 80% instead if 100%?

In a declining real estate market mortgage lenders need to protect themselves and the people from losing money. The way things are going right now if your home is worth $200,000 then in a year it might be worth $180,000. If you ended up getting a home equity loan for $200,000 it would be very hard for you to sell the home because you’re up side down on the mortgage.

If you owe $200,000 and you need to sell your home worth $180,000 then you’ll owe the bank a check for $20,000 at closing. That doesn’t even include the closing costs it will cost you to sell it. You’re much better off keeping it as long as you can afford the montly payment.

That’s the reason for only giving out 80% of the homes value. I swear if a bank allowed everyone to take out a $250,000 home equity loan on a $150,000 home they would. I hear people complain about only being able to get 80% all the time.

About 5 years ago when real estate was rising banks were loaning out 110% of the homes equity. They figured since real estate was going up so fast they wouldn’t lose. Then it hit them like a ton of bricks.

Try to forget about “what you’re allowed to get” and start thinking about what you can afford. Do you really want to take on your entire mortgage again? How long will it take you to pay it off? Did you use a mortgage calculator to check the monthly mortgage payment? Usually a home equity loan is only over 15-20 years instead of 30 years as well. Make sure you change that if you’re using the interest calculators on my website because they all default to 30 years.

Only need a small home equity loan?

The same rules apply but if you don’t have your mortgage paid off you need to subtract it first. If you appraise your home at $200,000 then you can get $160,000 minus the amount you still owe on the mortgage. If you owe $140,000 then you can get an equity loan for $20,000 assuming you have the monthly borrowing power and credit approval to get the loan.

Banks typically get this process done very fast because all they have to do is make sure you have the income to support it and good enough credit. Then they get the appraisal done to check the current worth of your home, subtract 20% and send you the money. It can usually get done within a week or two.

Remember that the bank doesn’t know how you spend your money so use a mortgage calculator and make sure you can afford it instead of just assuming you can handle whatever the bank wants to give you.

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Buying a Home With Only $5,000 and a Mortgage Calculator

If you’re looking at buying a home and you only have $5,000 it’s possible for you to still be able to accomplish it. Buying a home mostly comes down to the amount of borrowing power you have rather than the amount of a down payment.

Most mortgage lenders will let you buy a home in 2011 with a mere 3-5% down payment if you plan on living in the home. So the first thing to do is figure out your borrowing power and go from there.

1. Write down your gross income
2. Divide by 12
3. Multiply by .40 (40%) to see total monthly borrowing power
4. Write down all of your loans (credit card minimum payments, student loans, car loans and personal loans)
5. Don’t include household bills or taxes from your income. The bank figures that in already. Only loans.
6. Subtract the loans from 40% of your gross income and come up with the amount you can still borrow per month.

Example:

1. Gross income per year – $50,000
2. 50000 / 12 = $4,166 per month
3. 4166 * .40 = $1,666
4. Car – $200 – student loan $150 – credit card min – $50
       Total bills – $400
5. 1666 – 400 = $1,266

Total Monthly borrowing power is $1,266

Now, how much can you afford with that amount of money? Well that depends on a few things. Do you already have a down payment? Are you paying the closing costs or rolling them into the mortgage? If you’re buying a condo is there a condo fee per month?

If you only have $5,000 and you want to buy a home with $1,266 per month borrowing power you’ll have to work it out to see how much you can afford. First, you’ll need a personal loan for a down payment which will subtract from your monthly amount first. Let’s guess an amount of $150,000 or so that you can afford with that amount of money. That means you’ll need about 5% of that for a down payment and probably another $2,500 for closing costs.

Personal Loan – 5 years at 13% interest = $227
Mortgage Payment – 30 years 5% $150,000 – $800
Monthly Taxes – $200

Total – $1,227
Total Monthly Borrowing Power – $1,266

Pending a credit approval this loan would get approved with most mortgage lenders. 

Learning about the monthly amount you can afford and playing with that number rather than just knowing you can afford “X” is much easier because you can finagle it a bit. Getting a personal loan to use as your down payment will work as long as the bank says you can afford all of the monthly payments based on your income.

It actually looks like you didn’t even need the $5,000 you had in your bank with the formula we just did. You could get a personal loan for only $5,000 and use the $5,000 you already had in the bank to pay even less per month. Using a mortgage calculator will be a big help in this situation.

Make sure when using the calculators that you increase the personal loan interest rate to about 12-13% and only push it out over 5 years. Usually a bank won’t give any better terms than that because there’s nothing attached to the loan as a means of getting their money back.

Also be careful about using this formula and getting into financial trouble. This is the MAXIMUM you can afford which means it could limit you to buying a house and sitting in it as your only form of entertainment. You may not have money for anything else if you want to borrow the absolute maximum you can.

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The Free Mortgage Calculator

How Long Will It Take To Pay Off My Mortgage – Interest Calculators

Most people want to use my mortgage interest calculators before buying a home to figure out the monthly mortgage payment and to see how much principal they’ll be paying each month. However, using a mortgage calculator when you already have a mortgage is still very useful to figure things out about your finances.

I hear a lot of questions like: How long will it take to pay off my mortgage if I start adding extra prinicpal now? How much do I need to add to my mortgage to pay it off in 15 years?

The interest calculators on this website will show you everything you might have questions about. The basic calculator on my home page will tell you to plug in your mortgage details, interest rate and amount of years you started the loan with. Then there’s a spot to add extra principal per month. It will show you how much interest you’ll save and how many years you’ll save by adding the extra money.

If you’ve already been paying your mortgage for 5 years you should plug in the amount of years you have left (say 25 years) and the amount left on your mortgage after the principal you’ve already paid. The easiest way to do that is to plug in 25 years, your interest rate and keep lowering your mortgage amount until you get your exact monthly mortgage payment. That will be the amount you still owe to this day.

The reason for doing that is that you’re only adding extra principal for 25 years of the mortgage. So you can’t calculate it using the 30 year term because you’ve already missed out on 5 years of adding the extra principal.

That’s just the basic calculator. If you want to get more in depth about your payment and loan then you can use the more informative calculators to help you with your questions. There are borrowing power calculators, debt ratio and mortgage comparison calculators to help you with any piece of your mortgage payment you can think of.

If you want to figure out how many years it will take you to pay off your mortgage then it’s very easy. You can plug in the amount you currently owe on your mortgage and change the years to the desired amount which will change your monthly payment. That will be the new monthly payment you need to start making (which will add the difference to principal) and you’ll pay your mortgage off in that time period.

To check your math you can simply keep adding money to the “added monthly principal” part of the calculator until it tells you that you’ll pay it off in that many years. The sum of you current mortgage payment and the added principal should equal the same number as just changing the years from 30 down to your desired amount.

You don’t have to start using the interest calculators with a specific plan of attack. Just play around with them to see how much money you’ll save if you add a certain amount of money. Even adding $50 per month will have a very big impact on how quickly you pay off your mortgage and how much interest you’ll save over the years.

Knowledge Will Save You Thousands
The Free Mortgage Calculator

Paying Your Mortgage In 15 Years Instead of 30 Years

Most people start looking for a home by using a mortgage calculator to see what the monthly payment is on a 30 year mortgage. Then they increase it slowly to see the absolute maximum they can afford. Then they start looking to buy a home in that range.

As they’re searching their local MLS directory for a home they realize they want something for even more money and start looking for ways to “afford more home” online. They might find an interesting way to finagle their debt to income ratio or borrowing power to get approved for something they can’t actually afford and end up in a tough position.

Then once they’re spending every last dime they have per month on their new monthly mortgage payment they start searching for ways to pay their mortgage off in 15 years instead of 30 years. Would it be improper to say “lol” here?

The point is to start looking at “what you can afford” with a 15 year mortgage using the mortgage calculator. Then when you find something slightly over your bugdet you can switch to a 20 year mortgage to make sure you can at least still afford your home. I actually don’t even recommend a 30 year mortgage anymore even though it’s the most popular by a long shot.

The reason I say that is because more and more people are getting foreclosed on because someone in the household loses their job. Well if that household had started with a 15 year mortgage they’d be able to refinance to a 30 year mortgage and cut their mortgage payment in half. Also, they would’ve been paying MUCH more principal the entire length of the loan so it would be easier to sell at a profit and not be foreclosed on by the bank.

If you start with a 30 year mortgage and spend every extra monthly dollar you have on the payment you have no options from there and very little equity built into the home when it comes time to sell it.

Paying off your mortgage in 15 years

If you’ve had a 30 year mortgage for a few years and have extra income now then I’ll show you how to figure out the extra monthly amount of principal you need to pay it off sooner.

Use a mortgage calculator and type in your mortgage terms as they are now. Then there’s a place to add extra principal each month. Start by adding $100 to see how many years it shaves off. Then add $200 and continue until you reach 15 years or the maxinum amount of extra monthly income you have.

If your mortgage payment is currently $800 including the mortgage and taxes then all you have to do is send a check for $1,000 to pay and additional $200 in principal. Anything extra you send goes directly to principal no matter what.

If your mortgage is actually $800 per month, as I just mentioned, then you’d have to add about $375 per month in order to pay it off in 15 years. That’s why I mentioned in the beginning that you should start with a 15 year mortgage so that you have more options if/when something happens unexpectedly.

Knowledge Will Save You Thousands
The Free Mortgage Calculator

I Bought A Short Sale and Closed Today!

I’m starting to live the real estate investing life that I explain to everyone else! I’m closing on my 3rd condo today and I’m going to explain the process to let everyone know how easy it can actually be for you too.

First of all, a short sale is one that the seller owes more on the mortgage than they’re selling it for. I’m buying a condo for $35,000 and the owner owed $110,000 on it so it’s a “Short Sale”. I had to negotiate a price with the seller which was accepted at $33,000 and then the bank started negotiating with me too and got it up to $35,000. However, I knew it was still a good deal because my real estate agent checked out the last 4 condos in that complex to sell and they were still all above $35,000.

It’s a 2 bedroom condo in SC and I live in NH. I had the real estate agent take pictures of the inside because he said it probably needs to be painted. Including the closing costs I’ve paid about $38,000 and plan on painting it for less than $1,000 to rent it out for about $700 per month.

So I have a power of attorney signing the papers for me today in SC. Then she’s going to send the keys to Southern State Management which is a property management group. They handle everything for me starting with hiring the painter. I signed an agreement with them already to rent out the condo at $700 per month which will cost me $300 up front and then 9% of the rent each month.

Which that money they handle all phone calls with problems, fixing the problems, writing up a legal lease agreement, collecting the money, adding late fees when needed and sending me the check each month. They’ll also take the neccessary actions to evict the tenant if they aren’t paying their rent.

So I used a mortgage calculator to see what my monthly payment would be for a $35,000 mortgage. However, you’ll need 20% for a down payment and I didn’t have anything. I got a personal loan for $10,000 which was for the $7,000 down payment and $3,000 in closing costs. My interest calculator says it’s $225 over 5 years at 13%. Then there’s $28,000 left for a mortgage over 30 years which is $170 per month.

New Monthly Bills

Personal Loan – $225
Mortgage Payment – $170
Taxes – $100
Condo Fee – $150

Total – $645
Rent – $700 – 9% = $630

So I’ll be basically breaking even month to month and buying a condo for $15 per month. I’m also paying principal which is savings and I’ll get a tax deduction at the end of the year for my taxes and interest paid on the mortgage. That’s about $140 per month in interest and $1,200 for the taxes. So a deduction of $2,880 adds about 20% of that number to your tax refund!

Buying my 4th condo!

I have my SC real estate agent looking for a good condo deal for me all the time even though it will take me a few months to buy another one. I like to keep an eye on everything going on because if another condo sells in my new complex for $30,000 if gives me a lot of information to my next purchase.

Before I bought this condo I was approved to spend $1,000 per month worth of borrowing power. That means my new personal loan, mortgage payment and taxes can’t be higher than $1,000. Now I’ve already spent $645 worth of it so how will I buy another one?

Now that I’m renting it out the rent is income! $630 per month as income but the bank only accepts 75% of that number because they figure in 5 years you’ll be out about 25% of the months total.

Total – $1,000 + 470 (630 x .75) = 1470

First Cond0 – 645
New Condo – 645

Total $1,290

That means I can get another personal loan for $10,000 for the down payment and closing costs and another mortgage for $35,000. Then I’ll rent it out and do it all over again. I’ll keep buying homes unitl the bank doesn’t let me anymore because I KNOW real estate will go up eventually. A standard 2 bedroom condo sells for over $100,000 in most areas and was selling for $150,000 in this complex 5 years ago. So I have high hopes for the area I’m buying in right now.

Then I just have to break even month to month until it goes back up to the price it was 5 years ago. I have plenty of time to wait and plan on using real estate as my retirement plan. That will probably be the best option for me.

Use my mortgage calculator to see how much you can afford each month and only look at foreclosures and short sales so that the mortgage and monthly payments stay very low. Take your time, I’ve only bought 2 now over the course of 2 years because I’m looking for the perfect deal each time and don’t want to get myself in financial trouble.

Knowledge Will Save You Thousands
The Free Mortgage Calculator

Plan to Pay Your Mortgage Off Instead of Getting a Monthly Payment Forever

Why wouldn’t you plan on paying your mortgage off at some point in your life? Do you plan on just getting a monthly mortgage payment for ever? A lot of people will even get a home equity loan after paying down part of the mortgage which brings you right back to square one. It amazes me…

I know someone who is 60 years old who just got a new home and was very excited. I asked “I don’t mean to burst your bubble but how do you plan on paying this mortgage payment when you’re 80 years old? You’ll only be 20 years into it and have 10 years of payments left so what’s the plan?” This person didn’t have much to say and I’m sure the bank wouldn’t either if I questioned them about giving out a loan to a 60 year old.

The fact is most people retire when they’re 65 which means you better have all your ducks in a row so that you can RETIRE. Does everyone understand this word? When I retire I better have my home paid off and there’s no way I’d get a mortgage that will last longer than my 65th year because I won’t have a way to pay it each month.

When you buy a car you think about paying it off in 5 years. Why? If you could get a 30 year loan on your car would you do that too? Just so the monthly payment is lower and you can spend the extra money on crap throughout the month right? Probably..

A mortgage calculator says that your $20,000 monthly car payment would be $107 over 30 years or $377 over 5 years. Everyone starts the process of getting a car loan with the idea of paying it in 5 years so the mortgage calculator shows you what you can afford per month.

The problem with a mortgage is that everyone starts the process over 30 years and says “there’s no way I could afford a home with a 15 year mortgage”. Yes you can if you get less of a home, however that’s way out of the question for EVERYONE because we love to spend every last dime we make each month.

So you have $1,500 worth of monthly borrowing power from the bank. First things first, I believe the banks should start each mortgage to end when you’re 65 if you’re over 35 years old.

35 years old – 30 year mortgage  -  Ends at 65
40 years old – 25 year mortgage  -  Ends at 65
45 years old – 20 year mortgage  -  Ends at 65

Since we all know that will never happen you should do it on your own. Here’s how: Back to your $1,800 per month borrowing power..

The $1,800 has to include your mortgage payment and your monthly taxes so before searching for a home START AT A 15 YEAR LOAN to see what you can afford. If $300 goes to taxes you have $1,500 left for a 15 year mortgage which is still $190,000!!! Isn’t that enough?? If you wanted it over 30 years you could afford $280,000.

Let’s do a comparison:

$190,000 over 15 years at 5% interest (better interest rate for lower term)

Monthly payment – $1,502
Monthly Interest – $791
Monthly principal – $711

After 10 years you only owe $79,600

$190,000 over 30 years at 6% interest (higher interest rate for longer term)

Monthly payment – $1,139
Monthly Interest – $950
Monthly principal – $189

After 10 years you still owe $159,000

Now if you had gone with the $280,000 home that you could’ve afford here’s where you’d be in 10 years:

$280,000 over 30 years at 5% interest 

Monthly payment – $1,503
Monthly Interest – $1,166
Monthly principal – $336

After 10 years you only owe $227,700

Everyone should use a free mortgage calculator to figure out the different scenarios they’ll end up in 10 years down the road. You can also get a 10 year mortgage that you could have paid off by then. If everyone did this then we wouldn’t have so many people upside down on their mortgages right now.

Being upside down on your mortgage means you owe more than it’s worth. So if you tried to sell it you’d still owe the bank a big chunk of money. The bank loans you money based on your monthly income. They do the best they can to make sure you’ll pay it back and also afford it for the next 30 years but they can only do so much.

Some of the pressure needs to be on YOU because you know you monthly spending more than anyone else. So why in the world would you try to sneak into a $200,000 mortgage if you know you can’t afford that monthly payment?? Do you plan on getting another job to cover it? Do you plan on a promotion?

Spend what you “can” and use the rest for fun because that seems to be the American way in this 2011 economy. Everyones stressing over their mortgage payment instead of enjoying life and spending money on fun things you like to do.

There’s many things you can do with a mortgage calculator and I suggest you do them ALL before buying a home. It will help you make the right decision and give you a happier life.

Knowledge Will Save You Thousands
The Free Mortgage Calculator

Flipping a Home – Part 2

So you found a good home to flip that needs a little bit of work and you want to buy it, fix it up and sell it for a profit. It will take a lot of work but I’ll help you figure out if you can do it.

Borrowing Power

Your monthly borrowing power will first tell you whether or not you can afford the home and the extra loan to make the renovations. Multiply your monthly gross income by .40 to get your monthly amount that you can borrow from the bank. Then subtract your loans that you already have such as a current mortgage and monthly taxes, car loan, credit card loan (minimum payment) or student loan. You do not want to subtract your monthly housing expenses, car insurance or spending money per month.

The amount left over is the monthly amount you can afford for new loans and home taxes. That could be a home equity loan, mortgage loan, car loan or even a personal loan that doesn’t exceed that monthly amount.

Assume you have $1600 for monthly borrowing power

Use my free mortgage calculator to see what your new mortgage payment will be and then divide the yearly taxes by 12 and add the 2 together. Then figure out how much money you’ll need to borrow in order to do all the renovations you need to do.

You’ll want to start with the lowest interest rate loan first. Get whatever you can for a home equity loan if you can because it will be a low interest rate. If you’re car is paid off you can get a loan against that as well for a very low rate. Then you want to look into a personal loan which will be in the 12-15% range but don’t get dicouraged because the amount of interest paid over all won’t be that much. The last thing you can do is use credit cards to pay for the things you need done and pay them off when you sell the home later.

Buying the Home

When you’re looking at the home you want to renovate you should write down everything you want to fix and get estimates on them before making an offer to buy the home. This way you can start looking into the different loan possibilities to be sure you can follow through with this entire process before it starts. Don’t forget about the closing costs when buying a home and the 4-5% real estate commission when you sell the home.

Before making the renovations you should look at similar homes online for sale. Look at the amount of money they’re trying to get so you have an idea of the amount you can sell it for later. Also look at the decor of their homes because you’re going to be making a lot of changes and want it to be the best home on the market when it comes time to sell.

If you aren’t very good at picking paint color, rugs and cabinets I suggest hiring an interior designer to help with the choices you need to make. They charge about $150 per hour but you can use them for 4-5 hours to help you choose a great looking decor for you. Then you can do all of it yourself. They’re VERY good at what they do because that’s their job and they do it everyday just like you’re good at doing your job everyday.

Picking the price to sell your home for:

Picking the price of your home will be very difficult because you’ll think it’s much better than the rest of the homes on the market similar to yours. Trust me, the owners of the similar homes think theirs is better than yours as well. Remember, every month it takes to sell the home is another monthly mortgage payment and taxes you’ll have to pay and take right off of the profit you intend to make.

Speak to your real estate agent about the price and they’ll ask you if you want to stick it out for a high price or if you want to price it low and sell it fast. They know the real estate market like the designer knows design. They sell homes everyday and you should trust their judgement. If you don’t for some reason then get an opinion of another real estate agent because it’s possible you might not have found the right one immediately.

Using my mortgage calcluator will help you keep a close eye on your monthly borrowing power to see what you can afford each time you want to buy a home and flip it. Don’t forget about personal loans to help with the renovations. You can pay it off when you sell the home or keep it for the next flip you want to make.

Knowledge Will Save You Thousands
The Free Mortgage Calculator