How much can I afford?
This calculator will help you determine what your maximum loan amount is depending on your maximum monthly payment. The maximum monthly payment can be determined in two ways. The first way to identify a maximum monthly payment is through a pre-qualification. This means we will look at your income and debts to determine how much your maximum monthly payment is. The best way to get this number is to call us. We can help you find this out for free on the spot with no obligations or hassle.
Let’s say you already know your maximum monthly payment. That is awesome and you are ahead of the curve! The next way to determine what to put into the calculator is based on you and your personal budget. Just because we qualify you for an expensive home does NOT mean that you have to purchase a home that pricey! This maximum monthly payment could be well under your true qualified payment maximum based on what budget you have set for yourself. For example, if we qualify you for a maximum monthly payment of $3,000.00 but you only wish to have a mortgage payment of $2,000.00, go ahead and put in $2,000.00 as your max monthly payment instead.
For the term, put either 10, 15, 20, or 30 years. If you have a general idea of interest rates, go ahead and put in the going rate or the rate you think you will lock in at. If you don’t know what the interest rates are at currently, give us a call and we can get that information to you. Remember, rates will be different for everyone as they incorporate your borrowing strength. This means that a rate is individual to you based on factors such as credit score, approximate purchase price and down payment, and so on. The best way to get an accurate rate is to call us so we can give you a true estimate on what the interest rate would be for you.