If your in the market for real estate property whether for a home, rental unit as investment etc. you need to have an idea of what price range you can afford without over extending your budget and therefore causing you unnecessary financial stress.
Due to many different factors, including your own financial situation and variations in the qualification guidelines for different mortgages, the easiest way to determine how large a mortgage you can qualify for, is to talk to a mortgage loan officer or consultant.
During the pre-qualification process its usual for a loan officer to analyze your financial situation and to review some of our income documents, this usually takes about 15 minutes.
Then the loan officer provides a pre-qualify letter or certificate which shows the maximum loan amount for which you qualify for. This does not obligate you in any way, it is purely a way to ensure that you are applying for a mortgage loan within your price range.
It is highly recommended that you get pre-qualified before you begin you search for a property because:
Remember, the pre-qualification process does not commit you to finance any property. It is simply a chance for the lending company to market its services to you.
Here is a site that offers many valuable services and has a very good Frequently Asked Questions page on many areas of Real Estate for the Investor, seller or buyer. They also offer many forms you can use too.
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Article by Linda Overstreet. Linda’s site has helped 1000’s of regular folks profit online. Visit http://www.wealthhere.com for FREE “how-to” assistance, software, manuals, web services and more. No time to visit the site? Subscribe to Linda’s Free, weekly Breakthrough Wealth:
