Home Purchase Mortgage Calculators
Mortgage Program Calculators
Lenders are permitted to ask you questions about your financial profile, such as your monthly income, assets and debt when you apply for a mortgage. For example, lenders want to know your monthly gross income and debt expenses to understand what size mortgage you can afford. Lenders also ask about your assets, even if you are getting a no cost mortgage, because your assets may demonstrate your financial wherewithal. Additionally, some mortgages require that borrowers maintain a certain amount of savings in reserve when your loan closes which makes a borrower's assets relevant to their loan application. To summarize, lenders need to understand your complete financial profile to determine your ability to qualify for and ultimately repay the mortgage.