I want to see how much i can be approved for before i go looking for a house so i know my price range?

Question

I want to see how much i can be approved for before i go looking for a house so i know my price range?

Answer 1

Great idea, it will prevent heart break later on when you find a house you like in your price range.

Answer 2

There are many mortgage calculators that you can download or use on-line to find out the maximimum you could be approved of. The most versatile mortgage calculator I found is at

http://www.lendingmax.ca/calculator.php

Download it and give it a try.

Good luck.

bedubeu

Answer 3

OK THEN GO AND SEE..GO TO THE BANK DUUHH

Answer 4

EASY..,

      Take all of your reoccurring monthly expenses and divide it by your net monthly averaged income.

   It is called debt to income, and is a definitive guide for all loans,

  Good Luck

Answer 5

Proceed with caution:  Real estate agents, lenders and the like have a conflict of interest in that they stand to gain the most profit by you spending the most.  Not buying all that you "qualify" for will enable you to invest in other areas.  You should always be skeptic of big business these days (sad truth) and consider the facts/numbers rather than outspoken opinions of sales persons who drive these deals.

For example you could buy a modest home which will enable you to make substantial contributions to a 401K, IRA, and/or other retirement vehicle so as to build wealth and leave yourself more financial options in your life.  In the end what do you really own anyway except the time that was yours to spend as you wish.  Do you want to require two salaries just to own a particular home while some stranger in day care instead of you or your wife, spends more time with your children?  Would you like to have the option to tell an over bearing immature power hungry “Dilbert-Boss” that you have better ways to spend your time than to baby sit his fragile ego?  Would you like to pay your home off in 15 years instead of the all too common “30 year I will rent money instead of house” loan so as to give you an option to work part time later in life?  Would you like to spend more time doing hobbies and recreational activities or perhaps volunteer work or how about helping out your parents or maybe just reading a good book?  What I am getting at is simple, take in to consideration the real cost of what they’re selling and figure out if it’s worth it to you personally.  Also consider the “tax-penalties” of owning more home (i.e. property tax).  Call it what you want but it’s a penalty.  What is the difference between it and a speeding ticket in terms of payment?  Don’t fall for the conventional con, I mean “wisdom” that it will save you on your federal tax return.  Allow me explain; first of all you get a standard deduction of $10,000.00 (for married filers), so your first $10,000.00 in mortgage interest (i.e. money paid for renting other peoples money) is a wash!  It’s only the amount over and above the standard deduction that you should consider and then all does is effectively lower the interest rate on the loan as the Federal government subsidizes the cost of you barrowing money for your new residence in the form of a tax write off.  Still I or anyone, would agree to give you back 25 to 35 cents (depending on your tax bracket) all day long for every dollar you give me (you wont get rich that way).   Home ownership is smart and you can build equity and have appreciation but take note unless you are on the coast in San Diego or have some other limited high in demand features about your home purchase you stand to gain more in a good stock mutual fund.

So, good luck and watch out for the track home cookie cutter vinyl siding homes for a quarter million dollars, the profit margin favors the builder more than the buyer.…..

Answer 6

Mortgage required income calculator

Your income, current debt payments, and interest rates all help determine the amount you can borrow. Will you qualify for a loan to buy the home of your dreams? Finding out the income necessary to qualify for a specific mortgage amount will answer your question

Answer 7

Go to the bank and see what they approve you for.

Answer 8

Good idea.  Realtors love pre-qualified buyers.

Answer 9

My first choice woult be to go to your credit union if don't have one go to the bank.  Good luck on house shopping.....congrats.

Answer 10

Go to a good Mortgage Broker, they can do all of the work in advance to determine what you can afford to buy. It takes a pound or two of paperwork to close a loan.  They want evidence of all of your finances.  A GOOD CREDIT BUREAU RATING IS KEY.

My Husband is a Mortgage Broker in the Tampa Florida area and they get paid when you finally find a house and close on your loan.

Then you can shop in confidence and not get shocked out of your sox when it comes time to learn the cost of home ownership.

A simple rule of thumb is: the payment will be near 1% of the mortgage price.  The payment normally includes principal, interest, real estate taxes and insurances.  The taxes and insurances go into the escrow for payment when they are due. Most mortgage companies make those payments when they are due.

Be sure you have money saved for down payment and closing costs.  If you are a first time homeowner, some cities have first time homeowner programs to assist you in buying.

Good luck in home shopping, but do your paperwork in advance.

Answer 11

I sent my brother too Lendingtree.com

there is no oblagtion, and he got a lot more from some then others

and he didnt even go with them, but it was a great start

Answer 12

Talk to your lender and get pre-approved for a mortgage.  It not only gives you the price range to look for a house in but gives you comfort of mind knowing that you are pre-approved.