TEAM HEUBACH
Linda Heubach, CRS Epro 952.931.9008
Chuck Heubach, CRS CRB GRI 952.239.1311
Let Our Experience Make Your Experience Better!
Calculators
Monthly Combined Gross Income: Use Combined Gross income before taxes
Income Qaulification Ratio: 28% (the default) is conservative. With good credit and / or downpayment, you can go much higher, but the chances of getting your mortgage loan decrease as you stretch the ratios.
Debt Ratio: Commonly called the "back end", this ratio should never exceed 50%, even if the program allows it. It's just too much to take on. A conservative Debt Ratio is 36%, but can be higher with good credit.
Yearly Property Tax: Just imput the actual taxes on a home. You can usually look up the taxes on any home at the county web site.
Yearly Hazard Premium: This is what you pay your insurance agent, and the amounts will vary widely. In Minnesota, we guess at 1/2 of 1% of the homes sale price.
Home Owners Association Fee: This is primarily for Condominiums and Townhomes, and once again, varies considerably. Usually, Hazard Insurance is included in this fee, but not always. You should also budget to buy an HO6 (owners hazard policy) to cover your personal property and maybe even a portion of the deductible. See your Insurance agent for more information about that.
Interest Rate: Input the interest rate you think you will need to pay.
Term of Mortgage" The number of years, usually 30 but could be less (or even more!)
Down Payment: Include the money you have available for downpayment. If you need some for closing costs...be sure to see our Good Faith Estimate calculator for more detail.
Income Qaulification Ratio: 28% (the default) is conservative. With good credit and / or downpayment, you can go much higher, but the chances of getting your mortgage loan decrease as you stretch the ratios.
Debt Ratio: Commonly called the "back end", this ratio should never exceed 50%, even if the program allows it. It's just too much to take on. A conservative Debt Ratio is 36%, but can be higher with good credit.
Yearly Property Tax: Just imput the actual taxes on a home. You can usually look up the taxes on any home at the county web site.
Yearly Hazard Premium: This is what you pay your insurance agent, and the amounts will vary widely. In Minnesota, we guess at 1/2 of 1% of the homes sale price.
Home Owners Association Fee: This is primarily for Condominiums and Townhomes, and once again, varies considerably. Usually, Hazard Insurance is included in this fee, but not always. You should also budget to buy an HO6 (owners hazard policy) to cover your personal property and maybe even a portion of the deductible. See your Insurance agent for more information about that.
Interest Rate: Input the interest rate you think you will need to pay.
Term of Mortgage" The number of years, usually 30 but could be less (or even more!)
Down Payment: Include the money you have available for downpayment. If you need some for closing costs...be sure to see our Good Faith Estimate calculator for more detail.