tucker: Step One ~ Calulating Your Monthly Income
- 11/07/07 02:38 AM
How Much House Can You Afford? Step One - Calculating Your Monthly IncomeWhen a loan officer prequalifies you, he/she works backwards to figure your maximum mortgage amount. You can do the same thing. The first step is to determine your monthly income. It isn't quite as easy as it sounds. Lenders only count income they can document through paperwork.If you are a salaried employee, and don't earn bonuses, it's easy. Get out your paycheck. If you get paid twice a month, multiply by two. If you are paid every two weeks, then you multiply by 26 (the number of pay periods in (0 comments)
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Interest in homeownership among Americans has been justified by claims that it confers benefits both to individuals and to the society as a whole, including good citizens, stable neighborhoods and strong communities.
Strong and consistent evidence indicates that homeowners are more likely to: a) be satisfied with their homes and neighborhoods; b) participate in voluntary and political activities; and c) stay in their homes longer, contributing to neighborhood stability.
Homeownership is often thought to be an essential ingredient of the "American Dream." Living in a single-family, owner-occupied dwelling unit is central to the American conception of a secure and successful life. (2 comments)