How much can I borrow?

Monthly income
Wages before taxes or deductions
Investment income before taxes
Income from rental properties
Other income

Monthly Payments *
Auto loans
Student loans
Rental property loans ($0 if refinancing)
Other payments
* Include only loans that won't be paid off in 10 months

Other debts
Monthly alimony, child support or other
Monthly credit card payments

Taxes & insurance you expect
Yearly property tax
Yearly property insurance

Debt ratio: Used by lenders to approve loan applicants. Debt ratio equals combined monthly debt payments divided by gross monthly income.
Conservative qualification estimate: When the economy is weak, mortgage lenders are more conservative and tend to raise their loan qualification requirements.
Housing ratio: Used by lenders to approve loan applicants. Housing ratio equals combined monthly mortgage payment divided by gross monthly income.
Private mortgage insurance (PMI): An insurance policy that protects lenders against loss if a borrower defaults. Typically required if the loan-to-value (LTV) ratio of the home exceeds 80%.
Aggressive qualification estimate: When the economy is strong, mortgage lenders are more aggressive and tend to lower their loan qualification requirements.
Underwriting: The process a mortgage lender undertakes to evaluate a loan prospect to see if they have the financial capacity to repay the loan.
Interest rate: The amount charged, expressed as a percentage of principal, by a lender to a borrower for the use of money.
P+I: An acronym for the principal and interest that you pay on a mortgage loan.
P+I+T+I: An acronym for loan principal, interest, property taxes and homeowner's insurance.
Term: The period of a loan, generally measured in years. Auto loans generally range from 2 to 5 years. Mortgage loans: 15 to 30 years.
Homeowner's insurance: Protects the homeowner from weather-related damage, as well as potential liability from events that occur on the property. Normally required by lenders.
Property tax: A tax assessed on real estate by the local government, usually based on the value of the property (including the land) you own.
Down payment: The cash you deposit towards the purchase of home, car, etc. The larger the down payment, the less you are required to borrow.
Property Taxes and Homeowner's Insurance: A typical monthly mortgage payment consists of amounts for loan principal, interest, property taxes, and homeowner's insurance.
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