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Imagine you have just completed a search that included hundreds
of hours of looking at the exteriors and interiors of houses. You have
sized up siding, reviewed roofing and perused the petunias. And finally,
you have found the house of your dreams. Now imagine that this house of
your dreams costs much more than you can afford.
If you are house hunting and have not done an important piece of
homework, you could be in for this kind of heartbreak. The first thing you
need to know when shopping for a home is how much you can spend.
A general rule is that you can purchase a house valued at twice
your annual income, but this does not take into account your debts, a large
down payment, or other factors which can add to or detract from the amount
you can afford.
Mortgage Insider Quiz: There are many factors that go into approving
a mortgage at MortgageInsider. Completing this short quiz is the
1st step in that process!
 Quick
Pre-Quailfier Self-Test |
- Are you a US Citizen or a legally registered permanent
resident alien?
- What state is your property located in?
- Do you have
good credit? By this we mean, do you pay your bills on
time in general? *
- Will this loan be secured by a single
family home, condo or 2-4 unit dwelling?
- Are you refinancing
a property or are you buying a new one?
- Can your income
be documented? In other words, can you produce copies
of your W-2s and paystubs (if you are
salaried), and/or the last couple of years tax returns
(for any income other than salary) if asked? **
- Can you
document your liquid assets? In other words, can
you provide copies of the last two month’s
statements for your checking, savings, mutal funds,
money market, or any other types of accounts you may
have?
***
- What is the purchase price or estimated value of the
property you will be financing?
- What loan amount are you requesting?
PLEASE NOTE:
* You should not have any payments that are
30 days (or more) late on your mortgage/rent in the last
year. And you should not have a bankruptcy or foreclosure
on your record for at least the last three years!
**Your source of income may be documented by written confirmation
directly with your employer in some circumstances.
***The financial institution you work with may be able
to provide a written confirmation of your account balance
in certain circumstances. (Lenders typically require enough
money for down payment, closing costs, and two month’s
of payments in reserve) Your retirement accounts may need
to be documented to shows sufficient reserves. Gifts may
be acceptable depending on loan requirements.
Loans for more than 80% of the property’s value usually
require mortgage insurance (PMI) be added to your payment.
Other conditions may apply and MortgageInsider reserves
the right to cancel any loan, at any time, with or without
cause, as it sees fit.
DONE
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