An important ingredient in a successful home search is knowing how much you can afford. You don’t want to fall in love with a property only to find out it’s outside your price range. Select Lenders now have loan programs not only for first time buyers but for buyers who have bought before with “no down payment”.
That’s why I recommend getting a Mortgage Pre-Approval. New loan products on now available. You might qualify for “no down payment” products. There are two advantages to getting this pre-approval:
- It gives you the peace-of-mind of knowing you can afford homes you view on the market, and won’t have problems arranging financing, even as low with “no down payments”.
- It’s a sign to sellers that you are a serious, prepared buyer – which gives you the edge when making an offer.
You can arrange for a Mortgage Pre-Approval with bank , or by working with a good mortgage broker. I’m well-connected in the local real estate scene, so if you want me to recommend a reputable broker or lender who offer the new ‘no down payment” products, please contact me.
How Much Home Can You Afford?
Banks and lenders use specific criteria to determine how much of a mortgage they’re willing to offer you. They look at your income, expenses, credit history and employment status, as well as the down payment you plan to make on a home. It may seem like a scary process, but it is actually straightforward. You can usually get a Mortgage Pre-Approval in a day. You’ll be glad that you did.
By knowing what you can afford, you can confidently shop within that price range. For example, if you qualify for a $450,000 mortgage, and you have another $100,000 available as a down payment, you can look for homes in the $550,000 range.
Have questions about arranging financing? I have the right lender for you. Please submit the form below or call or email me.