THE FIRST STEP IN BUYING A HOME

Prequalifying for a mortgage generally helps you determine how much house you can afford and is strongly recommended.
Most lenders require that your monthly mortgage payment, including principal, interest, taxes and insurance, range between 25 and 28 percent of your gross monthly income.
Becoming prequalified does not necessarily mean that you will be approved for a loan of that amount.
Preapproval from your lender means that you have provided them with the necessary paperwork, and they have approved your actual loan amount.
Having preapproval for a home loan will put you in a much better negotiating position, because the seller knows that you are able to obtain your loan to purchase their home.

Most lenders require a 5 to 20 percent down payment; 25 percent or higher down payment may qualify you for a lower percentage rate on your loan.
I can help you locate lenders who will assist you in finding a financing package that best meets your needs. Determining how much you can afford before you begin your home search will save both of us valuable time.

Learn more about the buying process by clicking the links below: