Profile picture for Aquilas Nest

How to enter amount of house for loan request if I don't even know how much I am qualified for?

In order to find out(here on zillow) who can give me a better loan interest on a mortgage loan I need to enter price of the house. I won't enter any 250 thousand if I (example) qualify  for only  150 t. To look for  a house, I need to know what I can afford first and that, I only find out going to a mortgage place who will enter all my info to get the answer to me.  So how does that work? 
  • May 04 2010 - Tulsa
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Answers (10)

First, talk with a loan officer, within minutes they can pre-qualify you and give you a good faith estimate for the amount of a loan you should stay under, this will also include how much money you need to bring to closing and how much a seller can contribute to paying some or all of your closing costs. 

  • September 28 2010
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Talk to a local lender and they should be able to help. As stated you will need to get pre-qualified and then get a pre-approval letter. Once you have found a home you will then need to get a good faith estimated to know how much to bring to closing. Good luck.
  • August 06 2010
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First you need to get pre-qualified then pre-approved
  • July 30 2010
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Profile picture for RealEstateCrew
Multiply your annual income by 3 as a guide line for what you may qualify for. 
  • May 12 2010
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Profile picture for Tim Combes
Your best bet is to speak with a reputable Realtor. Usually, in my experience, most Realtors tend to recommend mortgage companies that they've used in the past with positive results. So find a good Realtor that can recommend a lender they've used in the past and then just go in & do all the necessary paperwork. If you use a good lender, it's worth all the time and document gathering, etc.
  • May 11 2010
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Through a little bit of research, you can easily figure out if you can afford a house.

1. Add up your monthly expenses.
Don't forget any debt that you need to pay down or anything that's automatically withdrawn from your checking account. Also, factor in discretionary spending, such as for entertainment or clothing.

2. Check your credit report.
Make sure that your credit history is in good order. When you apply for a mortgage, the lender looks at your credit report to help determine your interest rate and how much you can borrow. For example, you may need to pay off some loans before acquiring a mortgage, if your current debt load is high. With a mortgage, you are adding to your debt, so it is important that you manage your current debt well.

3. Get pre-approved.
Getting pre-approved for a mortgage is one of the most helpful things that you can do to know how much house that you can afford.  Pre-approval is a great tool for you to use in figuring out how much of a house you can afford because the lender uses your financial information to determine the amount.

4. Don't forget the rent factor.
Instead of just paying rent, with home ownership you also have maintenance and upkeep. So make sure your budget includes money for things such as repairing the air conditioning or repainting your house.

5. Decide what makes you comfortable.
When figuring out how much house you can afford, keep in mind that you are the one who will be making the mortgage payment. Do these calculations with your comfort level in mind. Don't overextend yourself, but choose a home price that has a monthly mortgage payment that you can feel comfortable paying.

  • May 11 2010
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You may wish to contact a local lender you know and trust.  Have them look at your financials.  That way your lender can give you a pre approval loan amount based on your financial ability to perform (your comfort level).  Then you can compair their rates with those of other lending institutions.
  • May 04 2010
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Profile picture for wetdawgs
Start here,  "how much can I afford".

I strongly recommend purchasing lower than the maximum so you have flexibility to weather life's rough spots.
  • May 04 2010
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You have just discovered one of the limitations of looking for a loan online. I'd call a local mortgage lender in your area (recommended to you by a real estate agent preferably) and tell her/him that you want an idea of what price of home you qualify for. Based on your income, assets, and liabilities, you should be able to get a rough answer pretty quickly.
  • May 04 2010
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Profile picture for OK State Lender
The best thing to do is contact a local lender that you can set up a time to meet with or talk to them on the phone. They can then get all your information and let you know how much you can qualify for.
  • May 04 2010
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