CHMC has just released two new tools that will be extremely helpful to prospective home buyers. These tools will be especially helpful to first-time buyers that need help crunching numbers for a future mortgage.
CHMC mobile app
This app has appropriately been named 'Ready, Set, Go' and helps buyers - especially those that are gearing up to purchase their first home. Users can access CHMC tools and information they'll need regarding a home purchase from any location using their mobile device. A wide selection of courses, articles and calculators can be accessed through this app that is keeping pace with today's technical age and making the buying process that much easier.
CHMC new calculator
CHMC has introduced a new calculator, which is sure to help a lot of people that just can't wrap their heads around their current debts and the mortgage payment they'll be committing to. This Debt Service Calculator allows users to evaluate their debts and existing financial situation to find out how much of a mortgage they could take on comfortably.
This innovative new calculator can determine a person’s or a couple's GDS (gross debt-service) ratio and TDS (total debt-service) ratio. It does this by comparing your monthly debt level and your housing payments expense to your monthly gross household income. This is the same thing that a mortgage lender will do when determining whether you qualify for a mortgage or not.
To use the calculator you simply need to input your debts including credit card bills, lease or loan payments on your vehicle and any other loans or lines of credit you may have. You'll also need to type in the mortgage, heating, condo fees, and property taxes that you'd expect to pay on your next house. Then you'll need to submit your gross annual income and you'll find out your debt levels.
This calculator is available on the CHMC website. It's perfect for anyone that does not yet have a clear understanding of their real estate financial goals due to current debt obligations.