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  Loan Application Calculator  
  Loan Details          
  Loan Balance   USA        
  Interest Rate   Canada        
  Amortization (yrs)   Monthly (12)        
Payments per Year
Semi-Monthly (24)
  Payments in Mortgage   Bi-Weekly (26)        
Weekly (52)
Payment
Monthly (12)
Custom Payment
               
  Income Details          
               
Gross Annual Income
Monthly Rent
Monthly Heating Expense
Annual Property Taxes
Other Annual Fixed Expense (Alimony, etc…)
  Existing Debt Obligations  
  Unsecured Credit Lines   Loans  
Limit
Balance
Balance
Payment Amount
Payment Frequency
  Secured Credit Lines   Mortgages  
Limit
Balance
Balance
Payment Amount
Payment Frquency
  Credit Cards        
Limit
Balance
  Assets  
  Fixed Assets   Financial Accounts  
Properties Value
Vehicles Value
Current Value
Tax Sheltered
No
Yes
  Assumptions  
Applied
Custom
Credit Cards
Monthly payment as percentage of … Balance
Limit
Unsecured Credit Line
Monthly payment as percentage of … Limit
Balance
Secured Credit Line
Monthly payment as percentage of … Limit
Balance
Loans & Mortgages
Do not count if balance < # payments
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  UltimateCalculators.com    
  Lenders look at several financiall factors to determine if a loan will be approved. Lenders are typically interested in reducing risk. They do this by collecting information, and analyzing the data to assess whether a loan will be repaid. Lenders want to feel comfortable that money lent out will be repaid according to the terms of the loan. If they feel that the risk is too high, then the loan will be declined, until the factors that affect risk improve.    
  Financial Position    
  When looking at a persons financial position, a lenders primary concern will be whether or not the borrower can repay the loan out of the income they earn. They do this by looking at the income the person makes, and the obligations that they are currently required to make, such as paying rent, or paying back other lenders for money already borrowed. If the debt servicing level as a percentage of income is too high (typically 40%), then it is unlikely that the lender will approve a loan without a co-signor or high quality collateral.    
  Debt Servicing  
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Current Income
Living Expenses
Living Expenses Servicing
Disposable Income
Living Expenses
Other Fixed Costs
Fixed Expenses
Other Fixed Cost Servicing
Current Debt Payments
New Debt Payments
Current Annual Debt Obligations
Current Debt Servicing
Total Current Annual Obligations
Total Current Debt Servicing
New Loan Annual Debt Obligation
New Loan Debt Servicing
Total New Annual Obligations
Total New Debt Servicing
  The ability to service debt is important to lenders, but the loan is still at risk should the borrowers income level drop. Should a borrower find themselves unable to make the required payments, lenders need to know that the borrower has assets to sell in order to pay the balance of the loan. Net worth is extremely important to lenders. It is important to understand the components of net worth, and the value of particular assets to a lender. Tax sheltered savings accounts can impose heavy tax burdens on large withdrawals. A vehicle's value may drop 50% every year, and borrowers may find it difficult to sell their real estate should the market drop. These factors are important to a lender as they provide the backup means for repayment should income drop.    
  Net Worth          
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Liquid Financial Assets
Tax Sheltered Financial Assets
Total Financial Assets
Liquid Assets
Vehicles
Tax Sheltered Assets
Vehicles
Real Estate
Real Estate
Total Assets
Total Loans
Total Mortgages
Total Credit Cards
Total Unsecured Credit Lines
Total Secured Credit Lines
Total Current Net Worth
New Loan Balance
Total New Net Worth
  All results are calculated based on the input variables provided by the user, and assumptions that are believed to be reasonable. UltimateCalculators.com does not make any express or implied warranties with respect to the information or results in connection to this, or any other calculator. UltimateCalculators.com will not be held liable for any losses or damages resulting from any errors or omissions in any information or results, or any action or decision made by users in reliance on any information or results. Please consult Instructions & Assumptions for further details.    
© Copyright UltimateCalculators.com 2010, All Rights Reserved.
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