Quote:
Originally Posted by nyalpine90
correct. we were told to get preapproval, just to go see a house.
how the hell do you get an idea of how much of loan you can get approved.
i been playing with online calculators..trying to get an estimate.  |
Have you set a max budget for the home purchase and down payment? Try to preapproved for an amount 10% or so higher than what you plan to finance to provide some cushion. There are rules of thumb. I think lenders want to see you use less than 28% of pre-tax income on mortgage payments and something like 36% for all debt.