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What is the Mortgage Payment on a $100,000 House?

What Is The Mortgage Payment On A $100,000 House?

If a buyer purchased a 30-year fixed rate mortgage, at an annual interest rate of 4%, and a mortgage loan amount of $100,000, the monthly principal and interest payment would be around $477 each month. The mortgage payment does not include taxes and insurance.

Before looking for a new home, make sure to check your credit report and deleted all negative items in order to increase your credit score. An individual’s credit score is often a primary factor involved with the approval of a credit application. Lenders will require that a credit score fall within a certain range. However, the credit score is not the only consideration for approval. Lenders also consider a borrower’s income, and debt to income ratios.

The 28/36 Rule is a guide that lenders use to structure their underwriting requirements. Some lenders may vary these parameters based on a borrower’s credit score, potentially allowing high credit score borrowers to have slightly higher debt to income ratios. However, be careful. Just because a lender may be willing to extend credit doesn't mean that you should necessarily borrow that amount.

The usual rule of thumb is that you can afford a mortgage two to 2.5 times your annual income. The 28/36 Rule states that a household should spend a maximum of 28% of its gross monthly income on total housing expenses, and no more than 36% on total debt service, including housing and other debt such as car loans.

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$92,136 STUDENT LOAN DELETED


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45 INQUIRIES DELETED IN 5 DAYS


4 CREDIT CARDS DELETED


11 INQUIRIES DELETED


8 STUDENT LOANS DELETED


1 FORECLOSURE DELETED


CREDIT SCORE INCREASE 748 TO 795


CREDIT SCORE INCREASE 600 to 800


CREDIT SCORE INCREASE 672 TO 850


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3 CIVIL JUDGMENTS DELETED


1 UTILITY BILL DELETED


1 CAR NOTE DELETED


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CREDIT SCORE INCREASE 672 to 830


NELNET STUDENT LOANS DELETED