You might have an idea of the loan payment and mortgage you can afford. But will the bank feel otherwise? It’s always best to pre-qualify for a mortgage so you know exactly how much a financial institution would be willing to lend you.
In the pre-qualification process, you will find out:
- Exactly how much home or land you can afford.
- How much cash you will need for the down payment.
- The minimum down payment, and advantages of higher down payments.
- What the bank feels you can afford for a monthly payment.
It’s important to deal with a reputable mortgage lender; one who will not only be honest about closing costs but will also to be there to help guide you through the process. We can direct you to some of our preferred lenders if you wish. The calculator below can help give you an idea of what your costs will be before you speak to a lender.