User Manual Q&AAnswer
Nov 05, 2024 - 01:52 AM
To perform a buyer qualifying calculation using the Calculated Industries 3430 Qualifier Plus IIIfx Calculator, follow these steps:
1. Enter the client's income: Use the "Gross Scheduled Income" key to enter the client's annual income before taxes. This includes all sources of income, such as salary, bonuses, and rental income.
2. Enter the client's monthly debt: Use the "Total Monthly Payments" key to enter the client's total monthly debt payments, including credit card payments, car loans, and other loans.
3. Enter the client's monthly expenses: Use the "Total Monthly Expenses" key to enter the client's total monthly expenses, such as utilities, insurance, and other recurring expenses.
4. Calculate the qualifying amount: Press the "Qualify" key to calculate the maximum loan amount the client qualifies for based on their income, debt, and expenses. The calculator takes into account tax, insurance, and mortgage insurance in the calculations.
5. Provide property options: The calculator will display the qualifying amount, which represents the maximum loan amount the client can afford. Use this information to provide property options within their budget.
It's important to note that the buyer qualifying calculation is an estimate and should be used as a starting point. Other factors, such as credit score and down payment, may also affect the client's loan eligibility. It's recommended to consult with a mortgage professional for a more accurate assessment.
For more detailed instructions and examples, please refer to the User's Guide provided with the Calculated Industries 3430 Qualifier Plus IIIfx Calculator.
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