New Rochelle man charged in thefts from cars in Kent (The Journal News)
More info…
KENT - A New Rochelle man out on bail after being charged with stealing from parked cars in Carmel now faces charges in Kent after stealing items from parked cars in this town, Kent police said today.
Auto Dealers Face Full Lots, Phased Out Cars (NPR)
The National Auto Dealer’s Association expects about 900 dealerships to close this year. Some dealers face the prospect of lots full of phased out cars and the huge debts they incurred to buy those cars to begin with.
How leasing a car affects qualifying for a home mortgage
Leasing a car is one of the most popular finance means when car purchasers engage in buying a vehicle. Nowadays many households have at least one car on a leasing agreement and the popularity of this funding method does not seem to fade. Many families burdened with this monthly payment plan did not consider the future consequences of this additional debt item. Some of them are inconsequential but one main obstacle may be this regular income diminishing obligation’s lowering of your debt to income ratio. At some point any young family considers buying a house. Really affordable and readily available mortgages are being offered and sometimes the decision to buy a house depends on the choice which house the young couple will buy. Most of the time the family planning and expected children make the idea of leaving the big city and moving to a more quiet and secure neighbourhood a real treat. The necessity of having the car to go to the workplace and back home goes without saying. But here is the problem, does and how does leasing a car affect qualifying for a home mortgage? To properly assess this question the mortgage lenders provide information which may be helpful. There is something called debt-to-income ratio and there is something else called total housing costs, in short PITI. PITI is the shorthand for principal, then the interest, add to this the property taxes and to get the last “I” you take homeowners insurance and the puzzle is solved. The household income amounts to a certain figure. This figure is the basis for the calculation the lenders make. Needless to say that any income counted in this calculation will result in the recipient of that income signing the mortgage too. Well, from the combined amount about 28% is the amount that can be spent on your PITI. What does that mean? That means that you cannot max out your credit that far that your PITI is not covered and get the mortgage. Yes, the mortgage company will check how much you owe in other loans, on your credit cards, on your other fixed costs and finally on your car loan or leasing. It may happen that your leasing the car or cars, if your spouse has one as well, may prevent you from being able to enter into a mortgage and buy your house. So when planning for buying the house, calculate beforehand if you will have to return the car or maybe buy it off in order to get your mortgage approved, your agent may help you with your calculations.
