An MGIC income worksheet is a financial planning tool used to estimate a borrower’s income and expenses. It is typically used by mortgage lenders to determine whether a borrower qualifies for a mortgage loan and to calculate the amount of the loan that the borrower can afford.
The MGIC income worksheet takes into account a borrower’s gross income, housing expenses, other debt obligations, and other expenses. The worksheet is designed to provide a comprehensive picture of a borrower’s financial situation. It can help mortgage lenders to make informed decisions about whether to approve a loan application and to determine the appropriate loan amount.
