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Determining how much home you can afford, or what payment you feel comfortable with, can be a trying process. Calling lenders, looking at mortgage loan programs and interest rates can be confusing, to say the least. There is an easy way to get started, and give yourself an idea of where you stand.
The first step is to find out what mortgage interest rates are at the current time. You can typically do this with a couple of phone calls to lenders or some quick searching on the internet. Get your rates on conventional fixed rate loans.
To obtain a very clear picture of how much home you can actually qualify for, the best idea is to contact a reputable local lender and let them analyze your entire situation. The lender can calculate your income-to-debt ratio, do a quick credit score and give you the information you need. Typically, lenders like to see a ratio not exceeding about 28%. This does not take into consideration long term monthly debt. As an example, to qualify for a loan, lenders may require ratios of 28% or 36%. This means you can spend up to 28% of your gross monthly income on a motgage payment, and no more than 36% of your gross monthly income on all forms of debt, mortgage included.
We work with a number of loan officers and would be happy to recommend one right for you. Click here to contact us today. We are happy to help!
Copyright © 2017, Metropolitan Regional Information Systems, Inc. All rights reserved. Information deemed reliable but is not guaranteed. The data relating to real estate for sale on this web site comes in part from the Internet Data Exchange Program of MRIS. Information provided is for consumer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Samson Properties - June Rodgers Real Estate Group does not display the entire MLS database on this website. The listings of some real estate brokerage firms have been excluded. This site will be monitored for 'scraping' and any use of search facilities of data on the site other than by a consumer looking to purchase real estate, is prohibited. Listing broker has attempted to offer accurate data, but buyers are advised to confirm all items. Information last updated 2017-07-25 04:41:03.