Are you wondering how much you may be able to afford for your home purchase? It pays to know before you look for a home so you can focus on properties that are truly in your comfort range.
How Does Pre-Qualification Work?
Pre-qualifying for a home loan is the easiest way. Here’s how it works. To determine how much you may be able to borrow, we’ll ask questions regarding the source and consistency of your income and savings. We’ll also inquire about any existing debts you may have for cars, credit cards, education, or other types of loans. This is important because not all income can be used to qualify, and any ongoing monthly debts you have will reduce the amount considered available for your housing expenses.
Once we’ve completed the Q&A, we can calculate how much you may be qualified to borrow and how that translates into a comfortable home price. This will be based on:
- Current Rates
- Loan Type
- Down Payment
- Average Tax
- Insurance Rates
Some mortgage payments may also include mortgage insurance or fees for a homeowners association, condominium, or co-op. We’ll take this into consideration too. Keep in mind that qualification factors can vary for different loan programs, and final approval can depend on other factors, such as credit scores and funds to close.
Work With An Experienced Mortgage Lender
With our experience we can help you discover the best programs and strategies to reach your dream home goals. That’s why it’s always worth your while to talk to us before you shop for a home. Want to learn how much home is within your grasp today? Reach out when you’re ready, and we’ll be happy to help.
Helpful Resources
- Loan Programs
- Pre-Approval Request
- Homebuyer Guide
- First-Time Homebuyer Resources
- Meet The Greenway Team
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