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Sam · Posted: Fri Apr 09, 2004 12:41 am Post subject: Monthly Income

Monthly Income refers to an individual's basic monthly salary, plus any additional allowances and monthly income from investments like Mutual Funds etc.

For example; Let the basic monthly salary of George be $50,000; additional allowances be $10,000 and monthly income from investments be $20,000. Therefore, total monthly income = $50,000 + $10,000 + $20,000 = $80,000

When you apply for a mortgage loan, one of the things that lenders check amongst other factors is your monthly income. This is compared to your monthly expenses to determine the amount of mortgage loan that you can actually afford.

In general, all the lenders agree that your mortgage related expenses in each month should not be more than 28% of your gross monthly income. These expenses include principal loan amount, interest and taxes. Thus, if the combined gross monthly income of a couple is $3,000 then they can afford a maximum mortgage payment of about $840, including taxes and insurance.

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How do I plan my budget?

Posted: Wed Jul 07, 2010 7:43 am Post subject:

thank you so much for your help

Guest

fixed income retiree

jameshogg · Posted: Sun Sep 19, 2010 10:19 pm Post subject:

Hi joe,

You won't be able to buy a home immediately after a short sale. You will have to wait for 2-3 years in order to qualify for a mortgage after a short sale.

Thanks

gmakerley · Posted: Mon Sep 20, 2010 12:33 pm Post subject:

WOW! James, I don't know how you did it, but you certainly provided the answer to the question that Joe didn't ask. How were you able to figure out that by saying "fixed income retiree" he was asking how to go about buying a new home after a short sale?

Do you have ESP? Are you better than Uri Geller or The Amazing Kreskin?
I'm impressed!

jameshyden01 · Joined: 23 Oct 2010 Posts: 4 1.49 Dollars($)

A monthly income plan can be considered a budget for a retirement income. Rather than retire and use your nest egg by making withdrawals amounting random variable, a monthly income plan to ensure that you receive a regular amount each month of use, which limits the risk overconsumption. In this context, at a minimum price is similar in many respects an annuity.

gmakerley · Posted: Tue Oct 26, 2010 10:43 am Post subject:

This thread has become the haven for misguided advice, it appears.

Let's continue -

Being a flirt is one of the most wonderful occupations a person can inhabit. There isn't much to say about the paychecks you can expect to garner, but just thinking of all the fun you can have in flirting with others and making them and yourself feel good...all at the same time...is a way of flirting with yourself!

That's my wasted tidbit for the day.

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