As you're comparing quotes, it's a good idea to focus on more than just the estimated total mortgage payment. (smartasset.com)
If the rate were to jump from 3 % to 8 % that would make a huge difference in total mortgage payments (greater than 50 % increase for a $ 250k loan). (yourPFpro.com)
The FHA loan rulebook for single - family home loans has a section instructing the lender, «For all transactions, except non-credit qualifying Streamline Refinances, the underwriter must calculate the Borrowers Total Mortgage Payment to Effective Income Ratio (PTI) and the Total Fixed Payment to Effective Income ratio, or DTI...» This is required to help the lender determine whether the borrower can afford the new loan or not. (fhanewsblog.com)