How Much Real Estate Can I Afford?
Loan Prequalification vs. Pre-Approval
Getting an idea as to the price of the home that you can afford is an important first step in the home buying process. By understanding the price range you can afford, you can look for real estate in the appropriate areas and really find the ideal home for you. By working with me, together we can determine what the right home for you would be. Below you will find some helpful information to help you get a better real estate price point.
Loan prequalification vs. pre-approval
Getting pre-qualified for a loan can help you determine what you can afford. Please fill out the following information and I can help you determine at what price we should start looking at. Things such as your credit history, your income, your outstanding debt, monthly expenses, employment history, the type of mortgage you want, and the amount of savings you have can all impact on how much real estate you can afford.
Letter of your loan pre-approval from direct lender is essential to make your offer valid. Lender will pre-approve your loan if your current and past financial status is considered strong enough to carry the loan. This process typically requires 3 - 10 days to complete. Do not wait until you find the property you like, get pre-approved now!
Different Types Of Real Estate Home Loans
Getting the right type of real estate home loan is an important part of the home buying process. In this section of my web site I have put together some basic information regarding the types of real estate home loans that are common in the market today.
Fixed-rate mortgages Fixed rate mortgages are mortgages where the interest rate stays the same for the entire term of the loan. The advantage to a fixed rate mortgage is that if you lock a relatively low rate, your payment won’t go up when rates do.
Adjustable-Rate Mortgages With an adjustable rate mortgage, the rate of the loan can change throughout the term of the loan. The rate of the loan is based on adding points to a fixed base.
Hybrid loans A hybrid loan combines a fixed period along with an adjustable component. Usually these loans are fixed for a period of time and then the loan becomes adjustable where it is dependant on current rates.
FHA real estate home loans An FHA loan is a loan in the United States that is insured by the Federal Housing Administration.
VA real estate home loans A VA loan is a loan in the United States guaranteed by the Veterans Administration. The loan may be issued by qualified lenders. The VA was designed to offer long-term financing to American Veterans or to their surviving spouses.
Free Home Loan Information Request Form
Home buying process begins with knowing how much real estate you can afford. Please fill out the form, and our mortgage specialist will contact you to find out the best loan program for you.