Anyone signed a deal with Mortgage Capital Associates?

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Hi David,

You mentioned that one of the basics that you are looking at to determine the interest rate is the DEBT to INCOME ratio which you said should be below 45%.

Can you give me an idea on how do you compute this? What are the debts that should be included? I've been researching and every site has different ways to compute it. Some sites would say do not include groceries, utilities, gasoline and other similar expenses but is asking for the monthly credit card payments. The above expenses are normally charged to credit cards. Some would ask the minimum credit card payments times 2. Some simply would ask for monthly rent/mortgage, car expenses and other loans such as student/credit union loans.

The reason why I am asking you this is because I am considering your company to refinance my loan and I would like to understand upfront where I stand before having applying to lock-in my rate. Do you have a tool that computes for this in your website?

Thank you

evolovik26 · Posted: Mon Dec 03, 2007 9:05 pm Post subject:

Its quite simple actually.
Its sum of the following:

Your new fully amortized mortgage payment +
Your monthly home insurance payment or in a case of townhomes and condos your monthly home association dues +
Your monthly property tax payment +
Any applicable monthly mortgage insurance payments +
Your minimum monthly credit cards payments +
Your monthly installment loan payments such as car payments, personal loans, student loans +
any applicable child support and alimony payments+
monthly payments on any other properties you own (rental leases can be used to offset this)
-------------------------------
Total it up

Divide this by you gross income (adjusted gross income if you are self employed) and multiply by 100
you now have a % ratio known as your debt to income ratio

jenkin7 · Joined: 04 Jun 2007 Posts: 939 140.77 Dollars($)

Hello Maria,

Eugene is correct.

To make things easier you may use the calculator provided here http://www.mortgagefit.com/calculators/diratio.html to determine your debt-to-income ratio.

Hope this helps you. Feel free to ask if you have any further query.

Guest 0.10 Dollars($)

I just closed a debt consolidation with Mortgage Capital Associates and had a perfect experience. On July 5 (Sat.), I called MCA and talked with David Young. He locked a loan for me at that time. He emailed me forms which I FAXed back a few days later. I then FAXed even more documents and was able to meet Mr. Young in the following week when it was convenient for me to deliver some copies of documents. The end result was that the loan closed and recorded 23 days after the first day. There were no surprises. I hope that others have had such a good experience.

sara · Posted: Sat Aug 16, 2008 6:09 am Post subject: RE:

Hi JohnS,

Welcome to the forums.

It's good to know that you have had a good experience with Mortgage Capital Associates. And I guess the loan was closed within a few days. So, let's hope you'll be able to pay off the loan comfortably and in case you have any queries or problems, feel free to share it here.

Take Care

Guest 0.10 Dollars($)

I recently completed a transaction with Mortgage Capital Associates and it was the worst business transaction that I've experienced. My "loan consultant" changed 3 times and each one offered me different rates than the previous loan consultant. They were terrible about responding to my calls & emails and they waited until the last minute to process my loan.

They lure you in by offering excellent rates then they charge you a $300 rate lock fee to trap you. My credit score was 803 and I put 20% down, but they treated me like I was a sub-prime candidate; not to mention that they sold my loan before closing and didn't notify me of the new service provider (the closing attorney gave me the information).

STAY AWAY!!!

Guest 0.10 Dollars($)

[b] Same Old Games Companies like Mortgage Capital are still playing the same games that got us into the housing mess, we are currently, in. I am working with my attorneys and the media to bring to light, companies like this. [/b]

sara · Posted: Fri Sep 05, 2008 3:39 am Post subject: RE:

Why did you close the loan when you were not getting good offers? they have been unfair to you in spite of the fact that you have had a great credit score. Also, they should have sent you a notice informing about the sale of your loan. So, what's your situation now?

I hope you have been making the payments. You may think of refinancing your existing mortgage with a lender who's ready to offer you suitable rates of interest. But I guess you can only refinance after a year of taking out the loan.

In case you'd like to know about refinance, check out the refinance faqs section.

Take Care

lisascherzer · Joined: 04 Jan 2008 Posts: 749 0.10 Dollars($)

I commend those that post their experiences here with lenders that do not act ethically. More need to do the same so that these bad lenders do not keep benefiting from their behavior. The only way they wont benefit is to loose business by word of mouth. I hate hearing that companies like these are still in business at all.

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