HOW TO GET PRE-APPROVED FOR A MORTGAGE

ANSWER FREE, LLC

Getting pre approved requires 4 things

How much money can I actually get? Most banks, in general, are going to qualify you for between 40% and 50% of debt. So If you make $4000 a month, then they believe you can handle $2000 a month of debt. If you only have $500 a month of payments, then that allows $1500 more dollars for home loan payments.

 

1.GET PRE-APPROVED … A Pre-Approval is a starting process of determining how much you can afford!!! During the pre- apporval process they will have to make some kind of assumptions depending on the property location for the purchase, taxes and also for homeowners association dues and  property insurance.

 

2.REVIEWING INCOME… the underrating process to determine or calculate a borrows income can very greatly depending on the borrows pay structure whether or not that client is self employed or W2 wager or commission bounces structure.

 

3. SAVING FOR DOWN PAYMENT… minimum of FHA requirements down payment of  3 in a half % of the purchase price conventional loan castrated popular believe minimum of the investment is 5% balance of the purchase price many barrows associate conventional loans  with 20% down, but that is not the case.

 

 4.UNDERSTANDING YOUR CLOSING COST… typical closing cost at a real estate purchase transaction, can include a Pracil, inspections, attorney fees, establishing a taxes and insurance escrow and finally a state and county real estate transfer and according fees.

 

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