@iamkeithj wrote:
Tried running some calculators but getting different totals on each one so wanted to come across this forum for more insight.
Income: 80k
Debt: 0
Current Mortgage Payment: 1700/month
Scores: 710 720 700
Is mortgage payment included in DTI?
Any insight on the amount I will get approved for without pulling hard inquiry?
I have about 50k-60k in savings for down payment and looking for around 400k-450k for new mortgage.
Practically no mortgage lender will give you a true preapproval listing agents will take seriously without a hard inquiry and submission of some basic documentation like paystubs. The credit report in a soft pull does not have enough details to give you a preapproval. Do all of your mortgage shopping within 45 days (or better yet 15 days) to minimize the impact of all mortgage hard inquiries to count as just one single hard pull. You can use better.com to get a mortgage score with a soft pull, but I don't think that can be used to get a true preapproval either. It's better for the loan officer to have all of your information rather than to give an estimated approval amount based upon limited information from a soft pull and self-reported income figures.
DTI includes the mortgage payment (principal and interest) plus taxes, insurance, PMI, and HOA.
