Mortgage Prequalification
This page will give you a general idea of the amount of money that you will be qualified to borrow. Check with your loan officer for the exact amount. The rule of thumb is as follows: the principal, interest, real estate taxes and insurance payments can not exceed 28% of your gross income (income before taxes are taken out). These payments plus your other outstanding monthly installments can not exceed 36% of your gross income.
Even though this is the rule of thumb, many lenders are flexible as to the exact percentages that they will allow. The calculator gives you the ability to adjust these percentages to see the results of different "what-if" scenarios. If you do not have a lender, a good resource is your real estate agent. They will be able to recommend a lender that may be willing to work with you.
Would you like to qualify for more? If you're not satisfied with these results, don't be discouraged. Many different mortgage qualification programs are available. For more information just Call Kim!
