How to Use the Hauseit Mortgage Affordability Calculator [2019 Tutorial]

How to Use the Hauseit Mortgage Affordability Calculator [2019 Tutorial]. Paylink Mortgage Affordability App

How to Use the Hauseit Mortgage Affordability Calculator [2019 Tutorial] video duration 13 Minute(s) 55 Second(s), published by Hauseit on 17 05 2019 - 15:24:11.

Mortgage Affordability Calculator: https://www.hauseit.com/mortgage-affordability-calculator/ Save up to 2% When Buying in NYC:

McBilly here
Hear the experience from one of our mortgage clients
Ben Lavender is a branch manager of Affordable Financial Services, Inc (Before Franklin A federal housing agency hopes to see every Canadian with an affordable home by 2030 and has offered up a plan full of experiments to make it happen

Mortgage Affordability Calculator: https://www.hauseit.com/mortgage-affordability-calculator/

Save up to 2% When Buying in NYC: https://www.hauseit.com/hauseit-buyer-closing-credit-nyc/

In this tutorial, we will be walking you through how to use the Mortgage Affordability Calculator available at https://www.hauseit.com/mortgage-affordability-calculator/

If you're not already on the calculator page itself, you can visit https://www.hauseit.com . The spelling is up here, go to calculators and click on buy and go down to mortgage affordability calculator. Well we have this open it is worth mentioning that there are a number of other calculators that might be helpful. Most importantly is the buyer closing cost calculator and this is essential when you're considering what you can afford in the city primarily because your affordability is determined largely in part by how much you have in savings for the down payment, as well as for closing costs usually closing costs need to be paid upfront they can be financed in certain instances.

Calculate Your Buyer Closing Costs in NYC: https://www.hauseit.com/closing-cost-calculator-for-buyer-nyc/

But in general, they are considerations that you would have to essentially pay for without financing as a base case. So the buyer closing cost calculator will give you an estimate of what you would expect in regards to closing costs. Now it's worth remembering that coops and condos have very different closing costs, coops for buyers have much lower closing costs, assume say around 2% for a co-op and a comparable condominium if your financing would have closing costs for a buyer closer to 4%.

So essentially, double so that has an important relevance as it relates to affordability you need to have an extra in theory an extra 2% so if you're buying the $1,000,000 property and it's a condo instead of a co-op you'd need an extra 2% or $20,000 in liquid assets. There are also another a number of other calculators the mansion tax calculator is pretty interesting. It's very detailed especially if you're buying something above a million dollars and particularly above two million and that's because the mansion tax was actually updated in 2019.

Mansion Tax Calculator for NYC: https://www.hauseit.com/nyc-mansion-tax-calculator/

It was changed from a 1 tax rate system to eight different tax brackets and that starts to have an effect when you're at or above $2 million, so feel free check that out there's also a couple other calculators mortgage recording tax calculator. If you're financing and buying a condo that's important to think about.

Mortgage Recording Tax Calculator for NYC: https://www.hauseit.com/nyc-mortgage-recording-tax-calculator/

If you're buying an investment property, you may want to look at the cap rate calculator that helps you crunch numbers and come up with essentially the economics of an investment and determine how it compares to other properties you might be considering.

So going back to the mortgage affordability calculator, the first thing you want to do is just go ahead and put in your annual income. That's gonna be the most important factor in determining what your maximum monthly mortgage payment would be. Now most banks will lend on average to a maximum of 43% debt to income and so what that means is no more than forty three percent of your income can be dedicated to your housing expenses.

Now your housing expenses consist of more than just your mortgage payment, principal and interest. They would also include your home insurance premium, your property taxes, as well as your common charges in the case of a condominium or maintenance in the case of the coop. So we've put an income here but this figure is not super accurate because it's not taking into consideration the fact that you will have other housing related expenses.

So if we were to take an example, we would go to a listing in the city. You know, why don't we click on something like this for starters and we're gonna actually look and figure out what the carrying costs are for this property. So in this case, if we scroll down here we see that the maintenance is $775 and the monthly taxes are $0. Now if the monthly taxes are zero it's an immediate indication that the property is a cooperative (co-op).

Disclaimer: Hauseit and its affiliates do not provide tax, legal, financial or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal, financial or accounting advice. You should consult your own tax, legal, financial and accounting advisors before engaging in any transaction.

Reduce Your Buyer Closing Costs in NYC: https://www.hauseit.com/hauseit-buyer-closing-credit-nyc/

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