If you’ve made the decision that the time is right to buy a new home, take a little more time to go through the mortgage prequalification process to learn just how much you can really afford. This will make you home buying so much easier.
Mortgage prequalification determines how much of a monthly mortgage payment you can afford to pay and how much a mortgage lender will be willing to lend you. You should do this before you even begin to look for a new home so you know what price range to look at.
For mortgage prequalification, you will need to provide your total income, debts, assets and how much of a down payment you will have. The mortgage lender will give you an estimate of how much you can afford to pay each month.
It’s important to remember that mortgage prequalification doesn’t guarantee that you will get a loan. It is simply an estimate as to what you can afford to pay. You will still need to secure a mortgage loan when you locate the home of your dreams.
To see how much you can afford on a mortgage payment, call the mortgage specialists at Midland Mortgage Corp. Call 803.765.1680 or toll –free 800.854.9484 today.