Preparing To Buy A Home

Home finance made easy. Lowest Rates..Best Terms

Step 1 - Do Your Homework

The earlier you can start with your new home research,the better.  Research the areas that you have interest in living. Look at the homes in your target market area and watch the housing prices.  You want to get a good feel for home values. Compare sizes, number of bedrooms and bathrooms, other amenities and square footage. Is the house updated with newer features like granite counters and stainless appliances. Is there a pool?

Once you have a feel for comparable pricing, watch to see if home prices are increasing or decreasing so you can understand the trends in your target areas.

Step 2- Determine How Much Of A House You Can Afford

There are different schools of thought for how much you should spend on your home. One says and I agree, that  you should not spend more than 3-5 times your annual income for a house. 

There are a lot of factors that come into play and every case is different. Use our affordability calculator to the right to help you determine how much of a house you can afford.

Some things to keep in mind:

  • Do you have steady income?
  • How much of a downpayment do you have?
  • Do you have reserves for major and minor repairs you might need to make?
  •  Can you provide the following
    -Verification of income
    -Bank statements showing sufficient funds to close
    -Two years of employment history
These things are not only important for piece of mind but they will affect your interest rate which will affect your monthly payment.

How Much Of A House Can I Afford
Mortgage Loan Calculator



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Step 3 - Get Pre-Qualified & Pre-Approved For A Mortgage

The easiest way to know how much you can qualify for is to fill out the form to the right and get pre-qualified for a mortgage. There is no obligation. Actually home loans today require no commitment or obligation on the borrower until they sign their closing documents with their title company. 

In order for you to get pre-qualified, you only need to provide some financial information to your mortgage banker.  Some of the things that they will ask you for is your income, the amount of savings that you might have and any investments that you may have.

Your information will be reviewed by a lender that will let you know how much they can lend you.  Once you know how much of a loan that you qualify for, you will know the range of the homes that you should be looking at.

A Pre-Qaulification is the process by which a lender will tell you how much you can afford. They do not pre-approve until they verify that the information that has been presented is accurate.

The pre-approval process will involve providing financial documents (W-2 statements, bank account statements, paycheck stubs, etc.) so that your lender can do the due diligence and verify your financial status and credit.

loan prequalification

Welcome To Your New Home 


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