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Pre-Qualify for a Real Estate Mortgage
Don't Go Shopping for a New Home Before You Know
Exactly How Much You Can Qualify For!
Knowing what you can afford is the first rule of home
buying, and that depends on how much income and how much debt you have.
Mortgage
Calculator
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here
You might have an idea of the loan payment and mortgage
you can afford. It's always best to pre-qualify for a mortgage so you know exactly how much a financial institution
would be willing to lend you.
What's more, a pre-approved mortgage loan helps you negotiate
with the seller from a position of strength, much the same as a cash buyer. And getting your mortgage loan pre-approved
is easy. This program is available on all conventional fixed, adjustable rate, and balloon mortgages.
The 1st Realty Group will be happy to calculate what
you can afford and pre- qualify you for a loan. Call (702)
456-7376 today.
Beware of Automatic Approval Systems on the Internet
The hard fast rule
of ratios the Internet Automatic Approval Systems
use no longer apply as they did in the past. One needs to look at many compensating factors such as the amount
of liquid assets, 401k funds, and any other type of cash 'reserve' monies. If someone makes $10,000 a month, for
example, they could quite possibly have a back ratio of 75%, (all debt + new total house payments divided by gross
income). To achieve that ratio one has to take into consideration whether their scores were high enough (over 720),
whether their cash reserves are well over 6 months of salary and whether the amount of down payment is high enough
to acheive a high back ratio.
These are all reasons to call a professional and not
just fill out a pre-qualification form on the Internet.
Let 1st Realty Group provide you with optimal
loan options that will meet your needs.
The price you can afford to pay for a home will depend
on six factors:
- gross income.
- the amount of cash you have available for the down payment.
- settlement costs and cash reserves required by the lender
your outstanding debts.
- your credit history.
- the type of mortgage you select.
- current interest rates.
Another ratio lenders use to evaluate how much you can
afford is the housing expense-to-income ratio. It is determined by calculating your projected monthly housing expense,
which consists of the principal and interest payment on your new home loan, property taxes and hazard insurance
(or PITI as it is known). If you have to pay monthly homeowners association dues and/or private mortgage insurance,
this also will be added to your PITI.
In the pre-qualification process, you will find out:
- Exactly how much home or land you can afford.
- How much cash you will need for the down payment.
- The minimum down payment, and advantages of higher down
payments.
- What the bank feels you can afford for a monthly payment.
We help buyers pre-qualify for mortgages every day. Call
1st Realty Group TODAY to get started. (702) 456-7376
Remember: we will respect your privacy! We know this is your personal information, and we will not distribute it
to anyone. This service is also provided free of charge, without any obligation on your part.
For more details or to arrange an appointment call 1st Realty Group TODAY at (702) 456-7376. Let
us help you get the money you need.
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| Explore our many services and call us at (702) 456-7376
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