CLICK HERE TO GET PRE-APPROVED FOR YOUR MORTGAGE LOAN
Congratulations, on taking the first right step to purchasing a home.... Getting pre-qualified will empower you, helping you to understand what you can, and cannot afford. Making your house shopping easier.
Get pre-approved by one of the most reputable names in mortgage financing "Prime Lending." Your on-line appliaction will be review, and responded to in a short, timely manner.
If you have questions or would prefer to get pre-qualified by phone,
call Ray Miranda at 619-846-4492.
How much house can I really afford?
This is a question you will want to get answered before you begin your home search.
Many factors come into play when qualifing for a mortgage loan. How much can I borrow? How much can I or do I need to put towards my down payment? What size monthly payment will I be comfortable with?
There are no black and white answers to these questions. Once qualified for a mortgage. It a matter of what size payment meets my personal need. No body know your spending habbit but you. The last thing you want to do is over extend yourself.
When determining what size monthly payment you can afford, you'll want to consider what other monthly expenses you have. Tangible expenses such as car payments, day care and utility bills, all play a role in how large a monthly payment you can afford.
There are also the intangible expenses or lifestyle expenses that you'll want to consider. Things such as dining out, travel and when you buy your next car can effect how much you can afford. Are you willing to delay some of these expenses in order to afford a larger monthly payment? Afterall, you want to be able to have some fun and not be binded down by a mortgage.
Example, you may qualify for a home purchase of $500,000. but may only be comfortable at $450,000. due to the other expenses in your life.
How large a down payment do I need?
This largely depend on what type of financing you qualify for. FHA is currently at 3.5%, Conventioanl 10-20%, while a VA loan requires no downpayment.
Many buyers look at their cash on hand as their only source for their down payment. This simply is not the case. You can utilize your 401k for a first time purchase (speak to your 401k rep). If you currently own a home now, you may be able to put out equity to finance your next purchase. One way to fund or partially fund a down payment is by using a gift. Parents, grandparents and other family members are often eager to help by making a cash gift toward the purchase of your home.
We can help you explore all your down payment options. Give us a call or simply send an email with any questions you may have. We are here to help, and look foward to hearing from you soon!
CLICK HERE TO GET PRE-APPROVED FOR YOUR MORTGAGE LOAN
