how do you qualify for a mortgage commitment/mortgage?

Asked by Jj, New Jersey Wed Feb 6, 2008

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Debt Free Da…, , 85260
Mon Feb 11, 2008
You will need to fill out an application with a mortgage broker or banker. You can do it all online. Should be very easy.
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Justin Kilis…, Agent, Morristown, NJ
Wed Feb 6, 2008
Like the agents below I agree however the Mortgage Borker may tell you what you qualify for from a maximum, you will need to understand what that WILL COST YOU A MONTH! I have many clients with phenomenal credit that can buy any price range but only looking to spend what they're budgeted for. I would recommend putting together a budget to figure out how much you want to spend a month on Mortgage, Tax and Insurance. Then figure out your utilities and that INFORMATION give to you broker so figure out what you SHOULD be looking at. Good luck!
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Sharon Kozinn, Agent, Hillsdale, NJ
Wed Feb 6, 2008
Getting pre approved is very important. I don't like to take out buyers without a preapp. There is no point in looking at houses if you can't qualify for the mortgage to buy one.
You can ask your agent for reccommendations, or contact your local bank that you do business with. I can also give you some info, if you contact me through my website.
You will need to prived basic information, income, debt,etc and then the lender will tell you the maximum amount you qualify for, based on your downpayment and credit history. That is just your guide. You know how much debt you are comfortable with, so then you decide how much you mortgage.
Being pre approved presents you as a serious buyer to any seller.
Good Luck in your home search.
Sharon Kozinn
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Marc Paolella, Agent, Succasunna, NJ
Wed Feb 6, 2008
Hi Jj,

Basically you apply with a mortgage provider and they will tell you how much you qualify for and what price range of home you can shop for. This is done for free with most mortgage brokers with no obligation. If you need some references for good mortgage brokers who I have had good results with, contact me through my website and I'll give you 2 or 3 possibilities. It is an excellent idea to do this before you shop. You don't want to learn anything disappointing once you get excited about a home.

Again it doesn't cost anything except 15 minutes of your time on the phone and you'll find out exactly where you stand.

Good luck!
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