Estimate Loan
how to pre-qualify or estimate maximum mortgage loan amounts?
Steps to pre-qualify for a mortgage loan
Wow, ya asked a hard one but here goes.
Each mortgage company has different guidelines so this is very generic.
Depending on the amount of money you are asking for, your credit score must fit the mortgage companies requirements.
You must have been on your job for at least two years.
The money you will use for a down payment must have been in your account for a ===== amount of time. Fill in the blank with what the requirements are for that company.
YOU MUST NOT BORROW THE DOWN PAYMENT!!! Did I say this loud enough? The down must be a gift, or earned money. It can not be money you have to pay back. That is across the board for all mortgages.
Banks are tougher than mortgage companies.
Your score could be the deciding factor for your interest rate.
If you are married, your wife’s info has to be included in the mortgage application, even if you don’t want her on the mortgage. She won’t be added, possibly, but that is up to the company.
Your debit to income ratio must not be more than 50-50.
Once you have done bankruptcy or foreclosure, it is nearly impossible to get a mortgage. Except from me.
If you have any judgments against you, you will not get a loan. Even from me.
Hope this helped.