What Is A Graduated Payment Mortgage

Home Loans

What Is A Graduated Payment Mortgage
(presented by www.refinance-refinance.net - mortgage lenders)

By Ben Afzal

Basic Loan Approval Process

At its most basic, a mortgage lender compares your monthly debts with your monthly income.

Your monthly debts include your monthly credit card payments, car payment, student loan, and other payments. It also includes your proposed mortgage loan.

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Your monthly income is your pretax income that includes your base salary, commissions, bonuses, rental income, and other sources of income.

Lenders will compare both of these numbers. Lenders generally like to see your debt be no more than 40% of your monthly pretax income, although some will go as high as 55%.

Getting A Bigger, More Expensive House

Many borrowers will have their incomes rise over time. Lenders acknowledge this by giving the borrower a

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