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We’re here to help with all the technical details of a mortgage situation at Altius Mortgage and our partners at Mortgage Ogden, but that’s not all we do. Our mortgage brokers are also here to offer advice, opinions and expertise throughout the process, including areas you might be confused about.

One of the largest such areas many people need help with? Determining what sort of mortgage they can realistically afford for the future. Here are a few of the most important factors that will play a role in what sort of home loan you can afford.

Income Vs. Expenses

Within your finances, lenders are going to be looking at both your income and regular expenses. Income will be calculated as net, or on a post-tax basis. A vital factor is debt to income ratio – for many of the best mortgage rates and loan terms, lenders will require a ratio here that’s under 40 percent based on growth monthly income before taxes.

There are a few popular rules of thumb that come into play here when you’re searching for a new home. One states that you should never take on a mortgage for more than two and a half times your annual salary, for instance, and this can be a good baseline for many people.

Down Payment

Especially in recent years, down payment amounts have become a huge factor in mortgage situations. Coming up with a 20 percent down payment or more allows you to avoid private mortgage insurance in most cases, which can create a significant savings for you over the life of the mortgage.

Credit History

A credit report with any significant negative marks, such as late payments or defaults, could have a big impact on the loans that are right for you. Bad credit can cause mortgage rates to skyrocket, and will make you ineligible for certain kinds as well.

Want to learn more about the right kinds of loans for your financial situation? Our brokers are here to help. Contact us at Altius Mortgage today.

May 15, 2017

What Size of Mortgage Can You Afford?

We’re here to help with all the technical details of a mortgage situation at Altius Mortgage and our partners at Mortgage Ogden, but that’s not all we do. Our mortgage brokers are also here to offer advice, opinions and expertise throughout the process, including areas you might be confused about. Read More
May 1, 2017

The Factors That Change ARM Rates

For certain people, adjustable-rate mortgages are the preferred loan format. This is a format where mortgage rates can change through the life of the loan, and the number you’re repaying to mortgage lenders may change. For people who stand to potentially benefit from the benefits of these kinds of loans Read More
April 15, 2017

Learning the Benefits of No Cost Mortgages

At Altius Mortgage and our partners at Mortgage Ogden, it’s our mission to get you the best mortgage option for your situation. Our mortgage brokers are trained to spot the details that might make a certain type of mortgage or refinance more prudent for you and your family, and to Read More
April 1, 2017

Learning and Managing Credit Score Calculation Factors

No matter what mortgage area you’re looking into, credit score is going to be a huge factor no matter what. It’s one of the single largest factors in getting you the best mortgage rate, and also in which kinds of advantageous mortgages you’ll be eligible for. At Altius Mortgage and Read More
March 1, 2017

The Basics of the Pre-Approval Process

Everyone is looking for that edge when they search for a new home loan, and at Altius Mortgage, we’ll help you get it. One of the processes we encourage our clients to investigate thoroughly: Pre-approval. Pre-approval is a process where you and a potential lender lay out many financial details, Read More