There are a lot of financial and situational factors that play into this question but getting pre-approved by a lender will give you a clear picture of what kind of home fits your budget.
Getting pre-approved is a great way to start your home search so that you have a strong offer to make the to the seller. A pre-approval is a letter from a lender outlining a certain loan type and amount that you can qualify for. With HomeLend Mortgage, a pre-approval is good for 60 days (about 2 months).
To provide a pre-approval, a lender will review your financial scenario to determine what they can offer you. They will review your income amount and type, credit score, assets, and your debt. In doing so, the lender will be able to put an offer in writing to give you a loan at a given interest rate. This is different from a “pre-qualification” which is merely an estimate of how much home you can afford.
It is worth seeking a pre-approval before you start your home search. Knowing how much you will be approved for will help narrow down your home search. It will also put you ahead of other prospective buyers who don’t have pre-approval letters in hand.
We made our pre-approval process as simple as possible. With our digital application, you can start getting pre-approved right from your smartphone. Our mortgage bankers analyze your scenario in just a matter of minutes and can get you a pre-approval letter fast.
If you’re ready to get started, you can fill out your application here.