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Prequalification calculators take standard underwriting guidelines such as credit, deposit and amount borrowed and comparing those numbers with debt to income ratios. These calculators will ask for the loan term you’d like, say a 15 year or 30 year loan and monthly livelihood. The result will be perish from this condition amount perform borrow should you apply with regard to mortgage.
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Another thing to remember while trying to find the loan is pertaining to being familiarized with the is known as the “lock-in period” for each one. Some of the common lock-in days will be anywhere from 30 to 60 occasions. If there are any that are higher than this, could bet how the actual loan cost will much steeper. You need to give yourself enough time to settle first so choose the lock-in with care.
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For “principal,” I enter $160,000. For “interest rate,” I enter 5.75%, in which the current interest rate at period of this writing. Most mortgage calculators will have this field filled set for you, based on current rates. For “number of years” I put 22.
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