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How Much House Can I Afford?
Get Pre-qualified & Find Out
Before you get started looking for your dream home the first question you need to know the answer to is, “How much house can I afford?” Many realtors will require that you have pre-qualification letter prior to showing you homes, and certainly before writing an offer for a property.
What is a “Pre-approval”?
“Pre-approval” means you have met with a loan officer, your credit files have been reviewed and the loan officer believes you can readily qualify for a given loan amount with one or more specific mortgage programs. Based on this information, the lender will provide a pre approval letter, which shows your borrowing power. You can visit as many lenders as you like and get several pre-approvals, but keep in mind that each one carries with it a new credit check, which will show up on future credit reports.
How to get pre-qualfied and find out how much house you can afford.
Real estate financing is available from numerous sources. Based on his or her experience, a REALTOR® may suggest one or more lenders with a history of offering competitive programs and delivering promised rates and terms. Mortgage brokers are a good source for getting pre-qualified because they vet programs from multiple lenders to find the best financing terms for your specific financial situation.
Your loan officer will carefully review your financial situation, including your credit report and other information. The lender will then suggest programs which most-closely meet your needs. For instance, a first-time buyer may qualify for state-backed mortgage programs with little money down and low interest rates, while a repeat purchaser (someone who has bought a home before) with more equity (money invested in the home) might want to get a 15-year loan and the lower overall interest costs it represents. Typically, first-time buyers opt for the traditional 30-year loan, with either a floating interest rate or a fixed rate of interest over the life of the loan.
To get on your way to finding and buying your new home, fill out the form on the right of the page and a Mortgage Consultant will contact you to assist you in the pre-qualification process.