are the how much can you afford calculator accurate is it possible to be approve for more?

Asked by Searching, Peabody, MA Thu May 28, 2009

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Scott A. Nel…, , 02155
Thu May 28, 2009
The free online tool can be relatively accurate. You might be able to get approved for more. The second question is SHOULD you borrow all you can? They can be a wonderful tool but what they can't tell you is, is there a loan program in existence that makes financial sense for you. There are alot of variables to consider, your income, housing needs, expenses, debt, savings & credit history. This is a reason why it's important to find a true mortgage professional that can sit with you and understand your needs/wants and see what loan products make the most sense for you financially as well as fitting into your 1,3,5,10 year plan.

As friends, family, colleagues for reccomendations of mortgage professionals they've worked with and been happy with. Find out what their areas of expertise are, get refrences, check them out online with the Better Business Bureau, Division of Banks etc. Then sit with them and interview them to see if they understand what you are looking to do and are they able to be of assistance. It's a trust building exercise but hopefully it'll assist you in finding the right professional for you and your needs.
1 vote
Ken Lambert, , Exeter, NH
Thu May 28, 2009
Hello Searching- Much depends on your credit report and credit score as well. I am local (NH and Mass.) and would be happy to speak with you if you'd like. No obligation.
I agree with below- just because you "could" get approved for more, it may not always be a wise choice.
Thanks and good luck,

Ken L.
0 votes
Goat, , Denmark, IA
Thu May 28, 2009
What language is this question in?

0 votes
Kellen Gracey, , 33304
Thu May 28, 2009
Those calculators don't take into consideration very important factors of your file. It's definitely possible to get approved for more, but it's also possible to be approved for less - it depends. The pre-approval process to find out how much home you can purchase takes maybe 10-15 minutes over the phone, crunching numbers and piecing together a picture that a bank can look at and approve.

If you'd like to see how much you can afford and would like to do a pre-approval, feel free to contact me. I can walk you through the process and tell you exactly what to expect for your purchase. I specialize in purchase deals and can walk you through the whole thing.

Kellen Gracey
Mortgage Specialist
BayBurg Financial
Office: (954)764-7064 (ext 211)
Toll Free: (866)230-9050 (ext 211)
Cell: (386)237-7231
0 votes
Dana Schuster, Agent, Slidell, LA
Thu May 28, 2009
Only your lender can determine how much you will be approved for based on your credit score,income.etc.
0 votes
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