Colli Real Estate

Mortgage Pre-Approval?

My husband and I are starting the process of buying our first home. We will set up an appointment. Stay tuned for pre-approval to start, and then looking at the houses. I know that lenders usually approve for more than they are invited to borrow and I wonder if someone can give me a good formula for how we qualify for the front how much they should ideally no more – I tried online calculators, but they are all so different! We 85000/year 700/month and debt. In addition – even before the approval expires, unless we find a house in a timely manner, we need new pre-approved? Thank you for your help!

The best way to proceed would be to determine how much you can afford. Consider the home you want and how much it costs. Have the lender to work on payments monthly, and if you think it is too high, lower the price. After determining your monthly payment each month can be given, then it housing prices should be set to search. There are many no income / no doc loans with good price that does not even have to worry about of their income. All you need a good credit history. I work for Citibank and that is what 95% of the time does the buyer of a first home. Over time the pre-approval is valid for three months, which I think is a long time. If the expiration date and for any reason you can not find a home then yes, you need to get another letter. But it will be easy. The creditor will get another credit test. Good luck house hunting.

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