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Bob and Mary Kay have gross household income of $7,000 per month- They both have great credit scores and the home they are interested in buying appraised higher than the selling price. They have combined monthly debt payments of $300 in student loans, $650 in car loans, and they pay their credit cards in full every month- The PITI on the new home will be $1,800 per month- Before they pay the $250 loan application fee, they are asking you for your opinion on whether they will get approved for a mortgage- What will you advise them?

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The three main similarities between mortgages and car loans are that both are: Installment loans. Types of secured loan. Have a fixed payment period


Bob and Mary Kay have gross household income of $7,000 per month- They both have great credit scores and the home they are interested in buying appraised higher than the selling price. They have combined monthly debt payments of $300 in student loans, $650 in car loans, and they pay their credit cards in full every month- The PITI on the new home will be $1,800 per month- Before they pay the $250 loan application fee, they are asking you for your opinion on whether they will get approved for a mortgage- What will you advise them?






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