It’s a good idea that you find your target price range of homes that you can afford. By meeting with a mortgage lender, you will understand the cost of ownership, which includes the down payment and monthly mortgage amount including principal, interest, taxes and insurance (PITI). Current interest rates and your personal finances effect the price of the home you can afford. You can also use our mortgage calculator for each listing to obtain an estimated cost. We can refer you to lenders suited to meet your specific financial needs.
There are a variety of mortgage loan programs available. We will give you a list of mortgage specialists who are available to review your options with you. There are several factors to help determine qualifying for home financing including: income, credit history, and assets.
Most loan programs will require verification of all income sources. Your mortgage consultant will give you a list of documentation that is needed which usually inclues pay stubs, W-2 form and other tax returns if self employed.
The down payment amount varies according to the loan program and desired price of home. There are several affordable options depending on the qualified buyer.
Estimated closing costs are also provided in finalizing the transaction, including the appraisal fee, loan origination fee, title insurance, escrow services and legal recording of all documents.
All lenders review the borrower’s credit history to assess their current debt, history of repaying debt, type of credit used, etc.
This pre-approval process can seem overwhelming but will help narrow your home search to a price range that is comfortable for you and provides a much stronger offer when presented to the seller.