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This calculator should be used to review an applicants’ itemized revolving credit debt.
Revolving credit debt is determined from the following: Automobile(s)-Loan(s)/Lease(s), Personal Loans, Credit Lines, Leases, Credit Cards, Department Stores, Appliance Stores, Furniture Stores, Gas Credit Cards, Student Loans and Support Payments. DO NOT include monthly Utility Costs, Rent or Mortgage Payments, Insurance and Cable/Satellite Costs.
A review of revolving credit debt could possibly reveal revolving credit that is soon to retire. Most lenders will disregard such a debt if that debt is to retire within 6 months of the application.
Consider the situation where an applicant’s $ 675.00 per month auto loan expires in 5 months. If the auto loan payment is factored into the applicant’s Total Debt Service (TDS) ratio quite possibly the applicant might not qualify for the loan amount sought.
Reviewing a client’s revolving credit debt could make the difference between you successfully representing the client or the client getting this information from another source that will undoubtedly get their business.
Enter the applicants’ Down Payment, Gross Annual Incomes, the annual property taxes, annual heating costs and monthly condo fees, if applicable, the interest rate (STATED ANNUAL RATE), based on the TERM selected and the AMORTIZATION.
Click Calculate Now and your client will find out how they stand.