Just Researching
When you first start to think about buying a house, you probably don’t have any idea what you can afford. You only know that you’d like to buy a home of your own. With some basic information from you, we can quickly let you know how much you could be approved for.
Income
First, we’ll start with your income. How much do all borrowers make? Income can be from a job, self-employment, retirement, permanent disability, or even child support. That financial information will give us an idea of how large of a house payment you could handle.
Debts
Besides income, once we pull your credit, we’ll be able to see how much debt you have. Debts include mortgage payments, credit cards, other loans, and vehicle loans. One of the main ratios we consider is your Debt-to-Income Ratio (DTI). Generally, that needs to be under 43%, although that ratio can go higher for some loans. Here’s an example:
- Debts – $3,000
- Income – $7,000
- DTI = 42.85%
Budget
Everyone is different in how large of a mortgage payment they feel comfortable with. Some buyers want to buy at the top of their budget. Other buyers are more conservative and want a smaller payment.
We’ll work with you to find the home loan amount that’s just right for you.
Why Homestead?
Homestead is a top lender of mortgage loans. Your loan advisor can walk you through every step of the way to qualifying for a mortgage. Our rates are some of the lowest in the states we serve. Our loan advisors provide excellent service, as you can tell from our reviews. Plus, we close fast!
Why Homestead?
Homestead is a top lender of mortgage loans. Your loan advisor can walk you through every step of the way to qualifying for a mortgage. Our rates are some of the lowest in the states we serve. Our loan advisors provide excellent service, as you can tell from our reviews. Plus, we close fast!
Read on to see what our clients say about us.
Bradley H. says…
Alicia handled our needs above and beyond our expectations. The entire process, form first contact to our closing. was completed in less than 30 days, thank you, Alicia! I am a business owner and always struggled with Processors understanding the income flow of a business owner, Alicia completely understood and knew exactly how to proceed correctly without delay or frustration. I highly recommend Alicia to anyone going through the purchase of a home.
Stephen S. says…
Aaron' ability to effectively communicate, respond in a timely manner, friendly demeanor, and overall professionalism made this a 100% easy experience. His knowledge of his industry is amazing. He is clearly a subject matter expert and a professional.