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How does it work so i can be accepted for a 1 million

dollars mordgage ? And a...
How does it work so i can be accepted for a 1 million dollars mordgage ? And a 2 million dollar one?
How much money do I have to prove that I make ? Is it done by showing my tax income?
If so how.many years do I have to show?
Do I have to do it through a bank?
What would be the options of payment plans? How long would I have to pay it?And in the end of it, how much would I have paid for this mordgage?thanks!
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Answered in 1 hour by:
10/12/2017
Chad EA, CFP ®
Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional
Category: Finance
Satisfied Customers: 2,532
Experience: Federally licensed IRS Enrolled Agent, Certified Financial Planner (R), MBA
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Hello my name is ***** ***** I will be able to assist you today.

You could go through a bank, mortgage broker, credit union and brokerage firms offer mortgage such as Merrill Lynch or Charles Schwab.

Each lender will have different terms and conditions regarding rate and pay back period. Typically you will have the option between a fixed rate or an adjustable rate along with a payback period of 15 or 30 years.

Lenders generally want you to prove income that supports 35% debt to income ration. Therefore, if your income annually is $100,000 lenders typically look for annual debt of no more then $35,000 or at the top of the range around $42,000 annually. - Depending on your overall income situation will determine how much income you will need to prove.

You prove income with two years tax returns, W2's, brokerage and bank statements. Additionally, you will need a complete list of your debts which the bank will also be able to obtain through a credit check.

A million dollar mortgage at 4% for 30 years would require a payment of $4,774. You would also have to include insurance and taxes payments.

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Customer reply replied 8 months ago
Sorry for taking some time to answer. I only have one more doubt before I give you a positive rate: what is the possibility of it going wrong after I pay the tax income and credit for 2 years? I mean, what is the chance of being denied credit even with all that? Also, could you tell me what are the figures for a mortgage that I would pay off in fifteen years?

If you can prove your income and your debt to income ration is 40% then you have little chance of being denied by most lenders unless you have a bankruptcy in the past two years, unstable income or unable to prove source of income.

A 15 yr mortgage of $1,000,000 at 4% would require a payment of approximately $7,397

I would recommend applying to three to four which isn't difficult once you have all your paperwork together. Generally, I suggest a National bank, local bank, credit union and placing an application with a mortgage broker.

Chad EA, CFP ®
Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional
Category: Finance
Satisfied Customers: 2,532
Experience: Federally licensed IRS Enrolled Agent, Certified Financial Planner (R), MBA
Verified
Chad EA, CFP ® and 87 other Finance Specialists are ready to help you
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Customer reply replied 8 months ago
Okay, so, if I have to pay monthly this amount of 7,397 dollars, this amount has to be 40% of my raw income, right? I would have to make ~18,500 per month to be able to pay this 40% (7,397) for the mortgage. Is this example correct?

Yes, that is exactly how it works. Generally, the lending institution looks for two years of stable earning history.

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Customer reply replied 8 months ago
Hi Chad, I promisse this will be the last question. In this case that we are discussing, is there any payment to be done at the begining other than the normal monthly payment? Thank you very much!!

No problem!

To be approved for a loan, the lender will usually require a down payment of anywhere between 3.5% to 20% of the value of the home.

For example:

If you wanted to buy a $1 Million dollar home, the lender may ask that you pay 3.5% of the $ 1Mill which would equal $35,000.

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