Me and my Fiance want to buy a house , we make 52k a year , how much they will lend us? And what do we have to pay beside mortgage, taxes and insuranc

Asked by Kat.0, Newington, CT Wed Sep 19, 2012

Me and my Fiance want to buy a house , we make 52k a year , how much they will lend us? And what do we have to pay beside mortgage, taxes and insurance monthly ? And what are the loan rates? We are planning to buy at newingtown ct .

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11
Noreen Dillman’s answer
Noreen Dillm…, , West Hartford, CT
Thu Sep 20, 2012
Hi Kat O, you can easily determine the mortgage amount that you are eligible for by requesting a pre-qualification letter from a lender. I recommend this to all my buyers before they begin searching for a home as a seller is more likely than not to require it before considering any offer to purchase their home. Your monthly mortgage payment may include principal and interest, real estate taxes and homeowners insurance. It may also include private mortgage insurance (PMI) which is required on most loans with a downpayment of less than ten percent. Loan rates are at historically low levels meaning that it is an excellent time for pre-qualified buyers to buy. I help buyers move into their dream home every day. So: "Don't dream it, live it.". Call me. Noreen Dillman, Keller Williams, West Hartford. 860 906 8975.
0 votes
Anne Miller, , Manchester, CT
Sat Oct 5, 2013
Kate,

You need to talk to a mortgage officer and tell them what outstanding bills
you have, monthly payments you have along with other inquiries
about job etc...Please call me at 860-647-8000 x 33 or email me and I will
have someone call or email you. Anne@AnneMillerRealEstate.com.
0 votes
Dennis Evans, Agent, Clifton Park, NY
Sat Oct 5, 2013
My advice would be that you talk with several lenders to see what products they make have for you. I would start with local banks that you do business with or credit unions... They may be able to offer you something very appealing as you may already be doing business with them.
You can also get advice from friends or relatives on who they may recommend.
Just some ideas
0 votes
Michael Denn…, Agent, Queens, NY
Sat Oct 5, 2013
HI Kat, annual income is just one of many factors that determine how much of a mortgage you can qualify for. However, a better question I think is "How much are you comfortable paying each month?" There can definitely be a disconnect between those two. Financial advisors often recommend that you choose a team of professionals who work for you when it's time to buy a home starting with your mortgage professional. An experienced mortgage banker will review your income, assets, credit, work history and your goals to select the mortgage program that best suits your needs. Tip, don't stop with just a preapproval, instead request an actual mortgage commitment, which can be issued subject to contract, appraisal and title report.

Besides the peace of mind you'll get from knowing that your mortgage is already approved, having a mortgage commitment instead of a preapproval may also give you a big advantage over other buyers who have only been preapproved. Most buyers will likely accept an offer from a buyer with a mortgage commitment rather one with only a preapproval. If your bank does not offer a mortgage commitment prior to contract, then try another bank or direct lender.

For more information or for a mortgage commitment, call me directly at 917.699.0183 or email Michaeldenniston247@gmail.com.

I value your opinion, please hit thumbs up or best answer, if my reply was helpful. All the best.

Michael Denniston
Senior Mortgage Banker
NMLS# 24076
The Federal Savings Bank
Nationwide Direct Lender
0 votes
Michael Kirk…, , West Hartford, CT
Tue Oct 1, 2013
If you would like to discuss prequalifying for a mortgage loan, contact me when you get a minute. You can read some of my blog information which may help you better understand some things about the mortgage process. I have been a mortgage broker since 1995. My office number is 860-724-8097. Thanks, Michael Kirkutis, Mortgage Loan Originator, CT DOB NMLS #111599. MAK Mortgage Company, Inc., 31 Woodland Street, Suite MMA, Hartford, CT 06105. CT DOB NMLS #103552.
0 votes
Trevor Curran, Mortgage Broker Or Lender, Great Neck, NY
Thu Sep 20, 2012
Good morning Kat,

The best way to get the answer to your question 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.

Mortgage prequalification isn't as simple as taking your $52,000 and arriving at a loan amount. The Mortgage Banker will review your credit, ask you about any other debt obligations, and review your cash assets to determine which programs and loan amounts.

Good luck!

Trevor Curran
NMLS #40140
Mobile: 516-582-9181
Office: 516-829-2900
Fax: 516-829-2944
PowerHouse Solutions, Inc.
185 Great Neck Rd, Suite 240
Great Neck NY 11021
Licensed Mortgage Banker – NYS Dept. of Financial Services
NMLS#3528
0 votes
Jim Simms, Mortgage Broker Or Lender, Louisville, KY
Thu Sep 20, 2012
Choose a Realtor, then have them introduce you to the local lender they trust the most, it is hard enough closing a deal with a team that works together, very hard when that isn’t the case.

Next, contact the lender and ask what support documents you need to be fully pre-qualified, if you do not furnish them ALL of these documents your pre-approval is based on a guess. The process is way too expensive to be guessing, just trying to protect your $’s. Most of the problems with processing a mortgage application is missing documents or information on the loan application that doesn’t match the information on the support documents. If you give them these items BEFORE you apply it will match!
Take time to do it right from the beginning, missing a couple of hours of work is miniscule compared to even a minor mistake in the mortgage process. I have watched people ignore my advice and it cost them more than they earn in a year, I have also helped others save the same amount. Take your time, do it right. Good luck,

Jim Simms
NMLS # 6395
JSimms@cmcloans.com
Financing Kentucky One Home at a Time
0 votes
Sarah Goulart…, Agent, Plymouth, MA
Thu Sep 20, 2012
I agree with the other advice, you should contact a trusted mortgage lender, or more than one actually. Talk to a good buyers agent where you are looking to buy and they can provide you with some names if you don't already know someone. Best of luck!
0 votes
Dan Ross, Agent, Southington, CT
Thu Sep 20, 2012
Hi Kat,
your income is only 1 piece of the puzzle. When you apply for a mortgage, a lender will look at how long you have been in your present job and profession as well as what other debt you have (car loans, education loans, etc.). How much you qualify for is then determined by a debt to income ratio. Depending on how much downpayment you have, there may or may not be any other charges.

To get a detailed breakdown of what your mortgage payment will be, your lender will give you a Good Faith Estimate (GFE). If you would like the name of a great lender, I would be happy to provide that. If you are not currently working with a Realtor to find your new home in Newington, I would be happy to assist you through the process.

Good Luck
Dan Ross
dan@danrossre.net
(860) 302-4092
0 votes
Anne Miller, , Manchester, CT
Wed Sep 19, 2012
You and your fiance have a good income and should be able
to buy a home and have it cost you less than renting.

I can have a mortgage officer call you and qualify
you for a mortgage and be able to tell you how
much money a bank will approve you for and
also make sure you are comfortable with that
monthly payment.. Call 860-647-8000 x 33.

Today with the low prices of homes, interest rates
2 3/4 to 3% and the many wonderful homes on
the market, you will be fortunate to buy. You may
also be able to qualify for a no money down program.

Timing is everything...hope to hear from you.
0 votes
Kevin and Ju…, Agent, Wildomar, CA
Wed Sep 19, 2012
Our advice to Buyers is to speak with a reputable mortgage lender to get pre-qualified. Perhaps you can go to the bank or credit union where you have your checking/savings accounts and ask to speak to one of their mortgage pros - Good luck! It is a great time to buy -
0 votes
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