shop for the best amount......or does the figure basically stay the same with each place......?????
THANK YOU in advance for any and all help.
2007-07-11 03:53:17 · 5 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
Any differences in the amount you would qualify for should be very close with all lenders. Be highly suspicious of one whose numbers differ significantly form the others.
Shop for the best rates and terms, NOT the largest possible loan! You should NEVER buy at the upper limit of your qualifying range as that will probably leave you financially strapped for quite some time to come. I set a personal limit of 80% of the qualifying amount and aim for closer to 60% if at all possible. That way I've never been strapped for cash or gotten blind-sided by life's typical emergencies.
2007-07-11 04:01:01 · answer #1 · answered by Bostonian In MO 7 · 1⤊ 0⤋
The amount you will be approved for will basically be within a fairly narrow range, assuming you are comparing apples to apples (i.e., the same type of mortgage product). It's a PRE-approval, which is basically b.s., anyway, since most pre-approvals are contingent based on further confirmation of income and debts.
What you should be looking for is the best deal re: rates, closoing costs, etc. Most of them will loan you about the same amount, based on the program, your income and your debts. The difference will come in the costs of the loan.
2007-07-11 11:32:44 · answer #2 · answered by Anonymous · 0⤊ 0⤋
As acermill says, he can get a ham and cheese sandwich qualified for a mortgage in about 10 minutes.
The key is to know your finances. Only borrow what you can comfortably afford or you will be subjecting yourself to financial troubles.
What you should be shopping around for is the best package. Be sure to compare apples to apples, and look beyond interest rate. Compare closing costs, transaction fees, pre-payment penalties, anything that is going to cost you money initially and down the road.
Good luck.
2007-07-11 12:58:02 · answer #3 · answered by godged 7 · 0⤊ 0⤋
hey girl im going through the exact same thing. I just signed all of the loan papers yesterday. If this is your first home and you dont want to put anything down to get 100% loan they will all be the same. Different banks have different intrest rates though so watch out for that! Whatever loan your wanting to take out you will end up taking out more than the price of the home for closing costs and all that other junk! good luck!!!
2007-07-11 10:58:51 · answer #4 · answered by lulu 3 · 1⤊ 0⤋
Every lender has different standards for their loans. Yes, it will vary from lender to lender and you should shop around for the best interest rates.
2007-07-11 10:58:23 · answer #5 · answered by czwtrpolo2 2 · 0⤊ 0⤋