Buying A Home

When it comes to buying a home, few things are more frustrating than falling in love with a house only to discover it's out of your price range. But, how do you figure out what you can afford? You should consider two major factors when determining how much house you can afford:

Your Credit Score

Your credit report determines your personal credit score, which is needed for qualifying for a new home loan. The credit score can help you qualify for a larger loan amount and/or better interest rate.

It’s important to check your individual credit report carefully for discrepancies and errors. You can obtain a credit report from the three major credit bureaus, Experian, TransUnion and Equifax.  There are many other ways that you can improve your personal credit score to get the best loan possible when buying a home, including paying your bills on time, paying off debt and keeping credit card balances low.

Your Mortgage Payment

When buying a home, there is a strong chance you may qualify for a loan amount that would require a higher monthly mortgage payment, but you may not want to stretch yourself too far financially. If that’s the scenario, you should calculate how much you would be comfortable paying out for your mortgage payment each month. By filling our the "prequalification form", we will be able to give you a better idea of what your potential monthly mortgage payment might be, and how much you'll be able to borrow. Simply fill out our "pre-qualification form".

Get pre-approved for a loan before you start house shopping

It may seem a little strange at first: why would you apply for a home loan when you haven't even started looking for a house yet? The answer is simple. When you are prequalified for a home loan, you're in a better position to negotiate the asking price.