How can i prequalify myself for a mortgage?

Question

loans, mortgage

Answer 1

I'm assuming that you'd like to know how much you can afford to pay each month. Having said that:

1.Your total housing ( Principal, interest, property taxes, and insurance) expense should not be any more than 25-30% of your gross monthly income.

2. Your total debt (proposed housing, credit card payments, car loans, student loans, child support) to income ratio should not be more that 33-40% of your gross monthly income.

You check out interest rates and payment calculators at www.bankrate.com.

While you can figure out for yourself what these numbers will be, a lot of realtors may refuse to show you a home until you've actually seen a mortgage professional. Another thing to consider: the interest rate you get will more than likely be based on your credit score. Your mortgage professional will be able to pull a credit report and your credit scores to let you know what you qualify for.

I hope this answers your questions. If not, please contact me at [e-mail].

Best of luck!

Anne

Answer 2

Before going to a mortgage company, make sure you have put everything down on paper so that you know what YOUR limits are. Mortgage companies will qualify you for more than you can really afford. So don't go by what they say you are good for.

You do a budget, you do the math. But before any of this read The Total Money Makeover by Dave Ramsey. www.daveramsey.com

Good Luck

Answer 3

You cannot prequalify yourself. What you can do to increase your chances is verify your credit rating and accuracy, make sure your records and income statements are organized and available, as well as assets and debts.

Answer 4

Read some tips and articles on mortgages on this site

Answer 5

Pre-qualify and pre-approved are two different things. Pre-qualifying doesn't really mean anything to anyone. I'm wondering if you meant the other. You should clarify your question.

Answer 6

go to the lender of your choice to find out how much you can borrower