How much can you afford when buying a home?
If you can afford to rent and have cash for a down payment you can probably afford to buy. But the easiest way to find out how much you can afford is to get requalified or preapproved for your loan.
Pre-qualified ? To get pre-qualified you may need to provide the leaner with documentation.?
- checking or bank account statements
- a recent pay stub from work
- the last two years of income tax forms.
If you go online for your preapproval, many online lenders will ask you for that information answer them with the full truth and the paperwork will be done during the verification of the loan. At the pre-qualification stage there is no commitment they just basically do the numbers and see how much you can afford. This is a great position so that you know what pool you can play in.
Pre-Approved ? Here is where you actually get a commitment from the bank that they will fund your loan providng the house apraises in that value assuming your paperwork all checks out.
If you need a lender we have a few in our database that we work with contact us and will direct you to one that will serve your needs. Call today 206-334-8773
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Posted via Seattle Real Estate-Seattle Homes For Sale
Post by Thach Nguyen
Thach Nguyen is the Founder and CEO of Thach Real Estate Group, company that serves people from diverse cultures and communities in buying, selling and investing in real estate.
Thach has written 1749 articles.
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