How Much Home Can I Actually Afford?
It’s one of the first questions every home buyer asks — and one of the most important. But “how much home can I afford” and “how much will a lender approve me for” are not the same question. Confusing the two is one of the most common — and most costly — mistakes buyers make.
Your approval amount is determined by a formula. Your actual affordability is determined by your life. A good mortgage professional helps you understand both — and helps you build a plan that works for you, not just one that gets you to closing. [Read more…]
The process of getting a mortgage consists of several stages and typically takes anywhere from 30–45 days — sometimes more — depending on how prepared you are, what mortgage program you’ve selected, and if it’s a purchase, the agreed-to closing date on the purchase and sale agreement. It’s not unusual to close in two weeks for a pre-underwritten buyer, assuming the appraisal can be completed in time.
