Ready, willing and able – how much can I really afford?
Well we can’t answer that question until we both engage in a conversation that involves a whole lot of acronyms and words that may be unfamiliar to you – LTV, CLTV, liabilities, assets, credit scores, conventional, non-conventional, VA, FHA and on and on and on.
Not to worry – that’s why we have experienced and trusted loan officers for you to work with who are experts in deciphering and breaking down the mortgage process.
There are a number of items your loan originator will need to evaluate. Things like how much you owe versus how much you make; what is your credit score (did you know that your score can affect the interest rate your receive?); how much do you have saved, what amount will you apply to a down payment, what type of property are you looking for; and how much is the seller asking for the property are just a few of the questions that you should be prepared to answer.
It might be a good idea to have your loan officer do a ‘pre-qual’ to help answer this question. The pre-qual isn’t a guarantee or commitment for a loan, but if you provide us with a little bit of financial information we can give you a pretty good idea of the amount and type of loan for which you might be eligible.