Why Should I Get Prequalified For
   A Home Mortgage? Part 1

Get New Big Bear Real Estate Listings
Big Bear Information
Sell Your Big Bear Home - FAST!


Click Here To Get New Big Bear Real Estate Listings Now!

Home Buyers Real Estate Learning Center
Why Should I Get Prequalified For A Mortgage? Part 1:

Why Prequalify for a home mortgage?

Pre-qualifying for a loan makes you an appealing buyer in the eyes of the seller. Pre-qualification approves you for up to a certain mortgage amount, even before you look at your first home. Once you do start looking, you won't waste time looking at homes you won't be qualified for-and you'll be in a strong position to make an offer as soon as you find something you like. Selecting the best financing package available is as important as finding a home that meets your needs. There are three factors to consider in determining how much you can afford:

1. Down payment -

Most loans require a down payment between 10 and 20 percent of the home price. If you are able to make a down payment of 25 percent or more, you may qualify for special mortgage programs offered by a variety of lenders.

2. Ability to qualify for a mortgage.

Recommended Resources:

Most lenders require that your monthly mortgage payment, including principal, interest, taxes and insurance, should not exceed 28 percent of your gross monthly income. They also expect your total installment debt (regular scheduled payments of 6 months or longer debt-car loans, credit card balances, etc.), including the proposed monthly mortgage payment on your new loan, not to exceed 36 percent of your gross monthly income....
Why Should I Prequalify for A Mortgage?, Part 2

Learning Center Home

Home | Big Bear Real Estate | Home Decorating Tips | Big Bear Links | Contact Us | Sell Big Bear Real Estate
Buyers Beware Report | Sellers Beware Report | Buyers Real Estate Tips Center | Sellers Real Estate Tips Center
Big Bear Mortgage | Real Estate Glossary | Sitemap | Privacy Policy

You have found the best source for Big Bear Real Estate
Ready to Buy or List? Contact Us Today!!

Web Site Planned, Designed, Marketed and Maintained by Quickbeam