June 24, 2020 at 11:56 am #69687
Good day. Someone please help me with the PITI calculation for this property to either help me prove I’m not insane or prevent me from filing some type of complaint against my Mortgage Counselor.
Selling Price: $239,900
Annual Taxes: $4,452
Annual Insurance: $1072
Buy down: $9596
Interest Rate with Buy down: 2.125%
Please let me know if anything else is needed. Thanks.June 24, 2020 at 1:22 pm #69691
Based on those number I’m getting a PTI of $1362.11.June 24, 2020 at 1:26 pm #69692NelsontMember
Your math looks good.
I get 1362 per month for a 30 year loan and 2018 per month for a 15 year loan.
Does this home have a HOA and do you currently have 9596 on top of your MRF in your checking account?
The HOA fee is added into your piti which may or may not push you over the limit and the mrf that you were qualified on does not take buy down into account therefore your mrf will increase by the buydown amount if you wish to contribute your own funds. These funds must also be in your checking account on your statement. If they are not they need to get there. You can also have your seller contribute very easily in most cases.
But it’s possible given the lack of other information that these are 2 areas your MC is looking at.June 24, 2020 at 1:28 pm #69693
Are there any HOA fees? Do you and your MC have the same numbers for property taxes and base interest rate? Do you have your HOI confirmed? And lastly do you have the buydown funds liquid in your account in addition to your MRF?June 24, 2020 at 1:35 pm #69694
Nelson beat me to it, but ditto. I use the US Mortgage app for anyone else who is interested in calculating PITI. Just make sure you remove the PMI as it added automatically.June 24, 2020 at 1:35 pm #69695
Thanks for the replies. There is no HOA and I have more than the buy down and MRF liquid in my bank account. She said the PITI for this property would be $1831. This is the second time she ran numbers on a property and came back with a PITI hundreds of dollars more than everyone else’s calculations. I don’t want to lose out on another property because of silly delays. To whom do I complain and is it possible to request a different MC?June 24, 2020 at 2:40 pm #69697NelsontMember
It is possible to request a new MC but not recommended. Naca has to review and approve your request and if approved you will no longer be able to switch again without moving to another MSA and you will be set back a bit by an MC who basically has to start your file review from scratch.
The best thing to do right now is show your MC your calculations and politely ask how they arrived at theirs and where they got other figures.June 24, 2020 at 2:47 pm #69698HeatherMParticipant
Are the property taxes accurate? If you’re trying to calculate based off of what the listing online says, which is often times a guesstimate or may be provided based off of any current exemptions that may not apply to you. On top of HOA’s – which don’t seem applicable in your case – double check to make sure there aren’t any exemptions on the taxes.
I also used this calculator when getting an estimate it’s pretty accurate with what my estimated payment from NACA/the Lender is.
https://www.mortgagecalculator.org/June 25, 2020 at 10:37 pm #69755
Taxes are accurate. I pulled them directly from the county website and the amount doesn’t reflect any exemptions. I sent my calculations to the MC and asked her to recalculate and issue a PSL, but have not received a response.
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