How Are Pre-Qualifying And Pre-Approval Different?
Watch this video and it’ll make sense. Pre-qualification is an informal way to see how much you maybe able to borrow. You can be ‘pre-qualified’ over the phone with no paperwork by telling a lender your income, your long-term debts and how large a...How Do I Begin The Process Of Buying A Home?
Remember these pointers from the video: start by thinking about your situation. Are you ready to buy a home? How much can you afford in a monthly mortgage payment? How much space do you need? What areas of town do you like? After you answer these questions,...How Do Lenders Decide The Maximum Loan Amount That Buyers Can Afford?
As you’ll see in the video, the lenders consider your debt-to-income ratio, which is a comparison of your gross (pre-tax) income to housing and non-housing expenses. Non-housing expenses include such long-term debts as car or student loan payments, alimony, or...What Are 203(B) And 203(K) Loans?
The video puts this in more visual terms, but 203(b) is the most commonly used FHA program. It offers a low down payment, flexible qualifying guidelines limited lender’s fees, and a maximum loan amount. 203(k) loans enable homebuyers to finance both the...
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