Home Buying Quick Guide, How Much Home Can You Offered?
Home buying quick guide in less than 2 minutes video. When buying a house, how much you can afford is a big factor that you have to consider before taking your first step in the home buying process. Without a large sum of money you may have stashed away in your mattress, you need a competitively priced loan. Most likely you will be paying off for the next 30 years of your life paying back. Think about it, close to 33% of your income is going towards your mortgage every month for the life of the loan.
Since you are parting with a lot of money, you probably have lots of questions. B if you have lots of money you naturally have no questions.
Depending on your mortgage priority, you need to consider multiple loan options from a few different lenders. Since not all lenders are the same, when considering buyers qualifications, you most likely will prefer one lender loan package over all the others. The best loan is a loan that is flexible to meet your needs with the lowest monthly payment and it insures that your rate or mortgage payment will never increase.
Your first step in the home buying process is to get preapproved for a loan. This is a strength test of your finances. Your bank will review your income sources and expenditure for the last 2 years including other factors such as your credit score. Your mortgage lender will also consider your employment history as well as your assets. When you pass the test, your bank will issue you a letter that says that you are prequalified to purchase a home, which emphasis the amount of dollars you can barrow. The rest of home sale price will be coming from you as a down payment.
You got your approval to buy a home, now what? Now is the time to start considering neighborhoods, schools and the type of home that is best for you.
To start your home your home search or for a list of mortgage lenders, contact your local broker Mona Koussa.