I Am Not Sure If I Can Qualify For a Mortgage – Or If So, How Much? What Are My Options?

Check with a lender.  Your credit rating, your income and your debts are all things which will factor in to the equation when a lender is determining if you can qualify to buy a house. The best way to find out if you can qualify for a mortgage is talk with a financial professional at a bank, credit union or mortgage broker. Each lending institution may have different types of loans available to fund your home purchase at different terms and interest rates so it can be a good idea to talk with more than one.

In some cases, if you are borderline, you may not qualify in one place but can qualify in another.

We can recommend several local lenders who would be glad to talk with you and we’ll be glad to explain the whole qualifying process to you in more detail.

If your lender says you do qualify – great! Now you know exactly the price range you should be exploring for your new home.

The lender can provide you with a pre-approval letter which shows any potential seller that your offer is strong and it is something that is required when you make an offer on a foreclosure or short sale property.

Of course, you can do some estimating on your own using this handy Affordability Calculator and more.

You can also check your own credit score by contacting these reporting agencies:

Want to get together and talk about your financing options?  Just get in touch with us today to set up an appointment to chat.

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