MortGauge
Improving the mortgage experience for homebuyers and businesses alike
What You Need to Know
Credit Score
A credit score is assigned to all Americans with credit by the three major credit bureaus. It ranges from 300 to 850 with higher being better. A score of 640 or higher is generally required to receive a mortgage.
Loan to Value Ratio
Loan to value is the ratio between the loan for the house and the value of the house, or otherwise the value of the home minus the down payment, divided by the value. A LTV of 95% or under is required for a mortgage, but having a lower LTV (less than 80%) will prevent you from being forced to purchase Private Mortgage Insurance.
Debt to Income Ratio
Debt to income ratio is the precent of your gross monthly income that goes to paying your monthly debt payments. Some sources of debt are car payments and credit card payments as well as mortgages. A DTI of 43% or less is required, but lenders prefer 36% or less.
Front-end Debt to Income Ratio
Front-end debt to income is the ratio of your monthly debt from housing alone divided (your mortgage) by your gross monthly income. A FEDTI of 28% or lower is required.
About Us
Created at HackUTD X by Connor Harris, Joe Su, Braedon Kotko, and Sean Clarke while completing the Fannie Mae Challenge, MortGauge is designed to help potential homebuyers understand whether their financial situation places them in a good place to get a mortgage. In addition, business can use this tool by uploading information about a list of customers and can receive helpful statistics to allow for better understanding of their customers' financial situations.
Any information found on this page is an estimate and not necessarily reflective of mortgage acceptance requirements for all lenders. MortGauge holds no responsibilty for any issues arising via the use of this website. Using this website constitutes acceptance of these terms.