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NextHome Experts
15000 Madison Ave
Lakewood, OH 44107

Phone: (216) 423-5100

Thank you again for finding us this Great House! Tom and Beatrix Tyna (Bay Village)

In this market, it would be easy to throw up your hands and say it's close to impossible, just sit back and hope for the best, but not you. The marketing materials were great and the effort you put in helped to sell the house in an impressive amount of time. Thank you for your input to get the house looking its best and for helping with all areas of the sale. I can rest easy with planning my wedding knowing I have that checked off my list. When Chris and I head back to Cleveland, I will be the first one to look you up and use your services to find our new home. Yours Truly, Kate Plenzler (Avon Lake)

Your ambitious approach is very refreshing. Linda Wagenknecht (Lakewood)

Tony is the Professional in Realty Professionals. Lee Zapis (Bay Village)

Professional in every detail. Sensitive to our personal situation. Business ethics and moral values are to be admired, Does everything in his power to make what could be a highly stressful time in your life, a pleasurable experience. Donald and Betty Maxam (Huron)

A pleasure working with you. We think of you as a new friend. You are truly a professional. Zita and Ken Boitel (Westlake)

Your consistent communication, attention to detail and advice made the entire process a smooth one and one that I learned a great deal from. James Elios (Avon Lake)

I knew throughout the whole process that everything would turn out well because you were very honest and up front with me. You went above and beyond what any other Realtor would do. Robert W. Rosol (Fairview Park)

We couldn't be happier in our new home - could not have done it without you! Dennis and Michelle Pinozzi (Lakewood)

You were knowledgeable and taught me how to look at electrical, plumbing and structural things I never would have noticed. You also listened to what I wanted and helped me to narrow my search. I was treated with respect, something a single female does not encounter very often in the Real Estate market. Theresa A. Clarke (Lakewood)

Thanks again for all your help. I've told a lot of agents in my office what a super agent you are - a real professional. Judy Nupp - Howard Hanna (Rocky River)

Real Estate Tips

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Mortgage Calculator     
Calculators Provided by: IMAGEPROWEBSITE.COM

How Much Income do I Need in Order to Qualify?

Input Information
Property Information
Home Value : ($)
Loan Information
Down Payment :
Interest Rate : (%)
Length : (Yrs)
Estimated Front Ratio : (%)
Estimated Back Ratio : (%)
Taxes And Insurance Information
Annual Taxes :
Annual Insurance :
Annual PMI :

Financial Analysis (Switch to Plain English)
Monthly Principal & Interests : $1,212.42
Monthly Real Estate Taxes : $250.00
Monthly Insurance : $125.00
Loan To Value Ratio : 90.00%
Months With PMI : 64
Monthly PMI : $112.50
Total Monthly Payments : $1,699.92
Allowable Debt Payments : $944.40
Required Income : $5,666.40
Plain English Help (Switch to Financial Analysis)

If you have finally found your dream home and you haven’t pre-qualified for a loan yet in order to see how much you can afford when it comes to buying your home, you can work backwards instead. By plugging in certain information, such as the cost of the home, how much the interest rate on the loan is likely to be, and how much you will pay as a down payment, you can determine how much your income will need to be to qualify for the mortgage loan on the home you love.

For example, if the home you are looking at costs $300,000.00 and you plan to put $30,000.00 down on a 30 year loan with a 3.500% interest rate, your total payment on the principal and interest will be $1,212.42. If your annual property taxes are $3,000.00 and your annual insurance is $1,500.00, that will bring your total monthly payment to $1,699.92. With a monthly payment of this amount, your total gross monthly income will need to be at least $5,666.40 in order to qualify for the loan.

Estimated front and back ratios helps you to limit your housing and necessary living spending.

Front ratio is a percentage of your gross income that you can spend on all housing related expenses, including property taxes and insurance. Back ratio is a percentage of your gross income that you can spend on your housing expenses plus cost of shelter: food, clothes, gas, etc.

Front / back ratios with values of 28-33 / 36-42 considered conservative these days, values bigger than 35 / 45 called aggressive and not recommended for use.

DISCLAIMER: There is NO WARRANTY, expressed or implied, for the accuracy of this information or it's applicability to your financial situation. Please consult your own financial advisor.