Do You Qualify For A Home Loan

Pre-Approval Letter

Loan Pre-approval is a little more involved than a simple Pre-qualification. A Pre-Approval is generated from your mortgage company and usually requires a review of your credit report, pay stubs, assets, liabilities and so fourth. A complete loan application is also usually taken. The Pre-Approval also provides valuable information to the Real Estate Agent as to the amount of home a buyer can afford and any other conditions that may be applicable.

To receive a Home Loan Pre-Approval  Letter, simple complete the online form and an associate will contact you within 24 hours.


You should consider:
The down payment
This is the amount of money you have available to put a down payment on the house you want to purchase. Depending on your credit history, you may qualify for a loan program that requires 0% down.

Don't forget to budget for closing costs
There are other costs beside your down payment associated with purchasing a home. First time homebuyers have to take into consideration closing costs. Some additional fees associated with closing costs are points, lender's fees, title charges, escrows for your property taxes and home owners insurance. Many loan programs allow the seller to pay up to 6% of the sales price for your closing costs.

What monthly payment is comfortable for you
Just because you qualify for a certain loan amount doesn't mean you are required to use the maximum financing available to you. Along with the mortgage payment, property taxes, homeowner insurance and all of your monthly liabilities don't forget to budget for thing you like to do. Vacations, entertainment, future college tuition etc. also cost money and you do not want to deprive yourself. You do not want overextend your budget and work solely to make your mortgage payment.