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.
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Senior Mortgage Banker
The Federal Savings Bank
Nationwide Direct Lender