With the Mortgage Calculator, you can calculate: Rent vs Buy, Payments, How much you can afford, Afforability and Qualification.
Getting Pre Approved for a home loan or a real estate loan (land, acreage, etc.), is one of your first steps to homeownership. This way you know how much home you can invest in, as well as how much your down payment, closing cost, and prepaids are. Depending on what type of home loan you qualify for; the Lender allows 3 - 6% for Seller contributions toward your total investment.
I will be more than happy to assist you with local Lenders as well. If you are serious about owning your own home... I can help you, make that happen. Call me and we can get started on your path to homeownership. (210) 256.1636.
Pre Qualified vs Pre Approval
You'll hear about two ways of estimating your borrowing power: pre-qualification and pre-approval. Just remember: They are not the same thing.
____________________________________________________________________________________ | If you are in the early stages of the home-buying process...
Getting pre-qualified by a lender gives you a good idea of what you can borrow. You simply provide income, debt, and down payment figures and the lender, in turn, provides you with an estimate of how much house you can afford. This is often done quickly, over the phone, and you have no obligation to use that lender to get a mortgage.
You can download the pre-qualification form, for an example: download - Pre Qualification form |
Pre Approval is Key
Pre Approval is the next step after the pre-qualification.
This process is much more involved, but will provide you with a specific dollar amount that you can afford. Most real estate agents will tell you that getting pre-approved is key to getting the home you want. Lenders and sellers will know you are serious about buying when it's time to make an offer. And in hot real estate markets, a buyer may need to act fast; if the competing buyer has a pre-approval in hand and you don't, they win.
Pre-Approval is quick and relatively painless. Usually you can get pre-approved quickly with the necessary income verification and supporting paperwork on hand; online sites can pre-approve you immediately, but you'll have to provide the verification to a lender eventually. And, as with pre-qualification, you are under no obligation to use that lender for the loan (though most buyers will). |
What You Need for Pre Approval:
1) W2's - last 2 yrs (1040, if self employed)
2) Paystubs showing last 30 days of pay and year date earnings
3) Bank statements - most recent and all pages for 2 months
4) Drivers License
5) Social Security Card
6) Business License (if self employed)
7) Lease agreements (if you own rental property)
8) Bankruptcy documents (if filed in the last 7 yrs)
9) Divorce papers (if applicable)
10) DD 214 or Certificate of Eligablity (if VA)
Name (s) ~ Resident Address with zip code (last 2 yrs) ~ Telephone numbers ~ DOB (date of birth) ~ Employer (last 2 yrs) ~ Occupation (last 2 yrs) ~ Income (gross)
Additional info may be needed... | | _______________________________________________________ | |
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The mortgage calculators will help you determine loan amounts, mortgage qualification, affordability or whether you should be renting or buying. Complete the fields below and click Calculate Now. To view the results of each calculation, click on the various tabs. To email yourself a copy of the results, click the Receive this Detailed Analysis link.
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