Kelly Mortgage Center

There is no doubt; getting a mortgage loan is a complex process. You would not be looking up loan information if it were possible to get a loan in a single day by filling out a simple application. But Kelly Mortgage Center does the heavy lifting so you can concentrate on your life rather than the mortgage loan.

Compare Rates - See how changes in your rate affect your payment for a given principal and term. Balloon Payment - A balloon mortgage can reduce your monthly payments but may require refinancing at the end of the term. Interest Only - Compare monthly payment amounts for an interest-only mortgage and a principal-interest mortgage.

It's helpful to visit with a mortgage professional first, even if you haven't settled on the sort of home to search for. What for? Perhaps it's hard to fathom how we can help even before you begin to calculate your offer. Our mortgage professionals can help you determine the loan amount you can qualify for and the mortgage payment amount you are able to afford by getting you pre-qualified.

Many borrowers qualify for various loan programs, but they can't afford a large down payment. Tighten your belt and save. Be on the look-out for ways to reduce your expenditures to set aside funds for a down payment. There are bank programs through which some of your take-home pay is automatically deposited into a savings account each pay period.

Your ratio of debt to income is a formula lenders use to determine how much of your income can be used for a monthly home loan payment after all your other recurring debt obligations are fulfilled.

The first number in a qualifying ratio is the maximum percentage of your gross monthly income that can be spent on housing costs (this includes mortgage principal and interest, PMI, homeowner's insurance, property tax, and homeowners' association dues).The second number in the ratio is the maximum percentage of your gross monthly income which can be spent on housing expenses and recurring debt together.