Looking for a Florida Real Estate Mortgage? Get Pre-Qualified!
Don't Go Shopping for a New Home Before You Know Exactly How Much You Can Qualify For!
Knowing what you can afford is the first rule of home buying, and that depends on how much income and how much debt you have.
You might have an idea of the loan payment and mortgage you can afford. It's always best to pre-qualify for a mortgage so you know exactly how much a financial institution would be willing to lend you.
What's more, a pre-approved mortgage loan helps you negotiate with the seller from a position of strength, much the same as a cash buyer. And getting your mortgage loan pre-approved is easy. This program is available on all conventional fixed, adjustable rate, and balloon mortgages.
The Flare Global Group will be happy to calculate what you can afford and pre-qualify you for a loan. Call (727) 639-3786 today.
Beware of Automatic Approval Systems on the Internet
The hard-fast rule of ratios the Internet Automatic Approval Systems use no longer apply as they did in the past. One needs to look at many compensating factors such as the amount of liquid assets, 401k funds, and any other type of cash 'reserve' monies. If someone makes $10,000 a month, for example, they could quite possibly have a back ratio of 75%, (all debt + new total house payments divided by gross income). To achieve that ratio, one has to take into consideration whether their scores were high enough (over 720), whether their cash reserves are well over 6 months of salary and whether the amount of down payment is high enough to achieve a high back ratio.
These are all reasons to call a professional and not just fill out a pre-qualification form on the Internet.
Let Flare Global provide you with optimal loan options that will meet your needs.
The price you can afford to pay for a home will depend on six factors:
- gross income.
- the amount of cash you have available for the down payment.
- settlement costs and cash reserves required by the lender, your outstanding debts.
- your credit history.
- the type of mortgage you select.
- current interest rates.
Another ratio lenders use to evaluate how much you can afford is the housing expense-to-income ratio. It is determined by calculating your projected monthly housing expense, which consists of the principal and interest payment on your new home loan, property taxes and hazard insurance (or PITI as it is known). If you must pay monthly homeowners association dues and/or private mortgage insurance, this also will be added to your PITI.
In the pre-qualification process, you will find out:
- Exactly how much home or land you can afford.
- How much cash you will need for the down payment?
- The minimum down payment, and advantages of higher down payments.
- What the bank feels you can afford for a monthly payment.
We help buyers pre-qualify for mortgages every day. Call Flare Global TODAY to get started. (727) 639-3786
Remember: we will respect your privacy! We know this is your personal information, and we will not distribute it to anyone. This service is also provided free of charge, without any obligation on your part.