Buying a Home: Determining Your Budget
Once you have made the decision to purchase a home, the first step towards homeownership is determining your budget. You can play around with a mortgage calculator to get an idea of what your monthly mortgage payment would be relevant to home price, down payment and interest rate. This is a good way to obtain an initial estimate that will help you determine how much you need to save for a down payment and which price range will most readily fit your budget.
When you are ready to get serious and begin looking at homes, working with a lending professional to pre-qualify for a home loan is a smart choice. Pre-qualifying will provide you with concrete information to precisely determine your price range, which allows you to narrow your home search and look only at homes that will fit your budget.
Having a pre-qualification letter can also come in handy when making an offer on a home, particularly if there are other interested buyers making competitive offers. In some cases, sellers will only work with prospective buyers who are pre-qualified.
Mortgage Calculator
Sources of Home Loans
Using the Services of a Mortgage Broker
When you are ready to get serious and begin looking at homes, working with a lending professional to pre-qualify for a home loan is a smart choice. Pre-qualifying will provide you with concrete information to precisely determine your price range, which allows you to narrow your home search and look only at homes that will fit your budget.
Having a pre-qualification letter can also come in handy when making an offer on a home, particularly if there are other interested buyers making competitive offers. In some cases, sellers will only work with prospective buyers who are pre-qualified.
Mortgage Calculator
Sources of Home Loans
Using the Services of a Mortgage Broker
Photo Credit: stock.xchng, svilen001