Prequalify For A Mortgage

Purchasing a home demands dedication, time, and strategic planning. Numerous factors, such as location, budget, and your purchasing capacity, significantly influence your readiness and position for buying a home.

The foremost step in homebuying is gauging how much house you can afford. Kickstart this process with our intuitive mortgage calculator to gauge your current standing.

Typically, down payments for conventional loans range between 5-20% of the home's value, but this can vary based on loan type and your credit profile.

A plethora of down payment options and loan types exist, including popular VA and FHA loans, often featuring lower initial financial requirements.

Buying a home elevates you to the role of 'Director of Repairs.' Gone are the days of relying on landlords for fixes. It's prudent to have funds allocated for maintenance, especially in fixer-uppers where repair costs can accumulate quickly.

A skilled real estate agent can assist in selecting a well-equipped home or ensure you're not burdened with immediate, costly repairs. Knowing your affordability range also includes being prepared for potential repair expenses.

Your monthly mortgage payment typically includes the principal (borrowed amount) and interest at the current rate. If you have an escrow account for property taxes and homeowner's insurance, this will be part of your monthly payment.

In some cases, like with condos or planned unit developments, homeowner’s association dues may apply. These are separate from your monthly mortgage payment.

Have preferred neighborhoods in mind? Online browsing offers a great way to understand your affordability and the neighborhoods within your budget.

Even if you're not immediately ready to buy, staying informed about market prices helps in future decision-making.

Once you determine your buying power, a real estate agent can streamline your search and handle offer negotiations. They might even negotiate repair coverages or closing costs from the seller.

Good News Lending connects you with seasoned agents from renowned firms, ensuring a seamless and satisfying home-buying experience.

Eager to find your dream home? Use our loan amount calculator for an estimated borrowing capacity to help in planning your savings and budgeting.

Remember to consider not just the total loan amount, but also the monthly payments.

We have tools to help with that too.