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.
- 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
These are just a few of the questions that you should be prepared to answer.
It might be a good idea to have your Great Western Loan Officer do a “pre-qual” to help answer how much you can afford. 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.