Pre-qualification is one of the most important steps in the process as it helps you determine how much you can afford in order to identify your price range so that you can begin to search for your new home in earnest. Let’s look at the simple 6-step process as a guide to what you can expect during the process.
If you’re just getting started, or if you’ve already been through this before, we find it’s helpful to have an overview of the process and key milestones. Our team is here to guide you through each step in the process and ensure that you know what to expect during each phase. At Sente Mortgage, it is our intention to make the process as seamless and transparent as possible. To learn more about your home purchasing power and to prequalify contact us.The home loan process can be a straightforward, simple and easy process to navigate when you have a thorough explanation of what to expect AND when you have an expert mortgage lender to guide you along the journey. These fees typically cover amenities and services within the neighborhood or building. HOA Fees: Some neighborhood, condo and townhome owners are required to pay homeowners association dues (HOA). Home Insurance: Most lenders will require insurance to provide protection for your home and personal property. This typically varies state by state and county by county. Property Taxes: This field is pre-filled with the average yearly property tax rate in Texas.
This field is pre-filled with an average rate for a 30-yr fixed mortgage for a well qualified borrower. Interest Rate: This is the interest rate for the loan. Who wouldn't want to pay their mortgage off sooner? (Just think of the savings in interest!) Loan Program: Never hurts to check out what a 15 or 20 year mortgage might look like. For a conventional loan, your DTI ration cannot exceed 36%.ĭown payment: Our calculator will assume a 20% down payment, but there are plenty of financing options available, some for as little as 3% down (remember if you put less than 20% down you will be responsible for paying PMI - Private Mortgage Insurance - our calculator will give you an estimate for that too). Your total minimum monthly debt is divided by your gross monthly income to express your Debt-to-Income ration (DTI). Debts may include minimum monthly credit card payments, car payments, student loans, alimony/child support, etc. In most cases, income from commissions, bonuses, overtime, tips, rental income, and child support can all be counted toward your annual income.ĭebt: Include your (and your co-borrower's) monthly debts. Income: Enter your total household income (you can also include a co-borrower) before tax. While we strongly encourage you to have a conversation with a Loan Officer to review your specific financial situation and needs, we hope that this tool will help you get started with the process.įactors that contribute into the borrowing power calculation: **Please note you can always add other incomes or debts into the calculator to get a more accurate assessment.īased on these two pieces of information, our calculator will work it's magic to determine how much house you may be able to afford.
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