What Can You Afford?

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Before you search for a house, you have to know what you can afford. To qualify for a loan, you must make enough money to make the payments. Mortgage calculators can give you a basic idea. Lenders can give you more specifics.

A lender can pre-qualify you for a loan by checking your credit score and asking you a series of questions. But a pre-qualification has no weight when it comes down to getting approved for a loan. For that, you need to be pre-approved.

For pre-approval, you complete a mortgage application, pay the associated fee, and supply the lender with documentation that verifies your financial standing. Pre-approval is a commitment for a loan, although the lender will still need to look at the home you choose and have it appraised before you get final approval.

What if you need a little extra help qualifying for a loan because of the downpayment? Don’t worry – many first time home buyers do! There are many programs – both federal and state – that can help. I can tell you about first time home buyers assistance programs here in North Carolina. I can put you in touch with lenders who work specifically with these programs, and who enjoy working with first time home buyers as much as I do!

Please contact me, and let me help you find the house that will be your first home!

First Time Buyers Assistance Programs
Real Estate Vocabulary