Begin your shopping with confidence by knowing what you can afford. Contact us now and get pre-qualified for a mortgage today for an estimate on how much you can afford—it's free. You could have your free pre-qualification letter in minutes.
Provides a "ballpark" estimate of your borrowing power. We will ask you some basic questions regarding your income, assets current debt and credit history in order to analyze and determine the amount of mortgage for which you may qualify.
Based on the summary of the information you provide regarding your earnings and debt, we calculate your approximate borrowing limit. Mortgage payment, property taxes, hazard insurance, etc. should not exceed 29 to 31% of your monthly gross income; these are known as housing expenses.
All other debts such as car payments, student loans and credit cards are then added to your housing expenses. This sum should not exceed 41 to 43% of your monthly gross income. If it does, don't panic, exceptions can be made wit some loan programs, which may or may not reduce the amount of mortgage for which you may qualify.
Pre-Approval*
We will will help you research mortgage options early. Getting pre-approved* will let you know how much home you can afford and provides proof to real estate agents and sellers that you're approved for a specific loan amount and that your offers are serious. This Is based on a verification of your income, credit and assets.
Final Approval
Once you have an accepted purchase contract, appraisal and title will be reviewed, there must be no change in your financial condition for the final underwriting approval. Once this verification process is complete, your loan will be scheduled for closing. Congratulations!
*Application and credit report fees will apply. Initial decision is subject to your meeting specific underwriting requirements and final approval will be based upon your satisfying those requirements.