It's Your Money!
Take the steps necessary to get a letter from the lender stating you are "pre-approved" for a loan in a specific price range. It's important to have this letter before you make a contract offer to buy real estate. Once you're pre-approved, you know what price range of homes you should be looking at.
This step will show you how much you can afford. This is accomplished by speaking with your financial institution and establishing what monthly payments you will be comfortable with. Mortgage Loan Pre-approval is not just a good idea, it's a must in todays market! You wouldn't go grocery shopping without having the money to buy what you want. Doesn't it make sense to get your loan ready first so you know exactly how much you can spend? Sellers may consider a lower offer if you're already approved for your loan! Call Richard today for your FREE Pre-Approval.
Use the mortgage calculators below to assist you in making some decisions around financing your new home.
Mortgage Qualification Calculator
This calculator will help you determine how much money you qualify to borrow. The results are informal. You will be subject to a credit approval from your financial institution taking into consideration existing debt load, amount of down payment, income and other variables.
Mortgage Payment Calculator & Amortization Table
This calculator will help you determine what your mortgage payments will be based on purchase price, interest rate and mortgage term, as well as other factors. The amortization table shows what the interest and principal payments will be over the term of the mortgage.