Congratulations on your decision to purchase your next home. One of the first and most important steps in the home buying process is understanding what you willing and can afford. In our competitive market, it is important for buyers to get pre-approved.
There is a big difference between pre-qualification and pre-approval. Pre-qualification does not guarantee you a loan. It merely establishes how much you are capable of paying for a house.
To get loan pre-approval, a lender will inspect your credit and financial situation in detail. This process guarantees you a specific loan amount and determines your monthly payment amount.
If you are the type of buyer that would like to do a quick pre-qualification on your own, here is a guideline:
This amount is only an estimate. It can give you a good idea where you stand, but it isn't a definite amount. Once you get this figure, talk to one of our trusted lenders about your available options and your pre-approval.