Your best bet is to meet with a Local Mortgage Banker to get prequalified. The Mortgage Banker will review all facets of your loan request to answer your questions with regards to the types of loans and maximum loan amounts you could qualify for.
Good luck and happy house hunting!
There is a lot of information that would be needed to determine if you qualify to buy a home. For example, a lender would need to know your employment history, credit history, income, etc. However when considering a mortgage lender, there is much more to think about than just the current mortgage rate. First and foremost, finding a reputable lender that you can trust should be your highest priority. In all probability, a mortgage loan is the biggest investment youâ€™ll ever undertake. You shouldnâ€™t just trust anyone with that responsibility.
Find a mortgage lender who you are comfortable with, then proceed with purchasing your home. If you haven't already found a home, you should consider getting pre-approved first. A pre-approval includes the verification of employment, credit history, down payment, etc. Once this information is validated, the mortgage application is submitted to a credit officer (underwriter) to make a final decision. Once approved by an underwriter, a pre-approval certificate (commitment to lend) is issued. This commitment to lend allows for borrowers to close very quickly once a home is found. When a borrower has a commitment from a lender, it can drastically improve the negotiation of a sales price with a seller since it is as close as a borrower can get to actually having the cash in hand to pay for a home.
I hope this information helps. Best of luck!
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