Mortgage Calculator, Champaign Urbana, Illinois Real Estate, Gil Terriberry, REALTOR

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Each Office Independently
Owned and Operated
2506 Galen Drive
Champaign, IL 61821

Mortgage Calculator and Qualification Tool

Note, the recommended annual income is based on the following two generally accepted industry standards:

Cost of housing, the sum of the monthly mortgage principal and interest (PI), property tax and insurance (TI) plus any assessments such as condominium and Home Owner Association (HOA) dues and special assessments, should be no greater than 28% of monthly income
Total monthly obligations, the sum of the cost of housing and all other obligations should be no greater than 36% of monthly income

These ratios are fairly conservative and presume good credit. Some lenders may use more liberal ratios to qualify borrowers in certain income ranges and with excellent credit.

Most lenders will require income verification in the form of pay stubs, W-2s, 1099s, bank account records, etc. Income may include non-salary income such as full or part time self employment income, investment dividends, interest, Pension, Social Security, court ordered alimony, support, etc. The lender will determine what constitutes income.

Other obligations include all loan payments - furniture, appliance, car, boat, RV, student, whatever - credit card payments, court ordered payments such as judgments, alimony and child support, etc. Your lender will tell you what to include.

If the amount you anticipate borrowing is more that 80% of the price of the house, you may need to add Private Mortgage Insurance (PMI) at $5 per thousand of the loan (this is an estimate. The actual amount of PMI may be more or less depending on the lender and the amount of the loan) to the Taxes, Fees and Insurance blank.

Please fill in all blanks. If all you want is PI or you don't know your other costs, put 0 in the Taxes, Fees Insurance and Other Obligations blanks, realizing that the Minimum Qualifying Income result will be incorrectly low. If you put 0 in the Other Obligations blank, the All Debt result will equal your monthly cost of housing (PITI and any fees) and the Minimum Qualifying Income will be calculated at the 28% ratio.

DISCLAIMER
This tool should be used for estimation purposes only.
Calculations by this tool are believed to be accurate but not guaranteed.
See your lender for more information.

Check Your Personal Credit Information

Visit Annual Credit Report. Check the accuracy of your own credit history for free.

Some lenders you might consider:
(this is NOT a comprehensive list of local lenders)

Associated Capital Mortgage
2506 Galen Drive, Champaign
(in house at Devonshire Realty)
Marty Lockmiller
Phone (217) 378-4567

National City Mortgage
30 East Main Street, Champaign
Nick Wilkins
Phone (217) 363-4170

Integrity Mortgage Service
1806 Round Barn Road, Champaign
Lois Gennaro
Phone (217) 403-1725

First Mid Illinois Bank and Trust
2229 South Neil Street, Champaign
Mike Krueger
Phone (217) 359-9837

Busey Bank
502 West Windsor Road, Champaign
Brad Bengston
Phone (217) 365-4855

BankIllinois
1611 South Prospect Avenue, Champaign
Patty Carter
phone (217) 351-2785

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Copyright Š2004 Gilson Terriberry. All rights reserved. Information contained herein is believed to be reliable but is not guaranteed.

Gilson Terriberry REALTOR^Ž	*I firmly believe that an informed consumer is my best client.*
	Mortgage Calculator