Lucretia Dean

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Get Pre-Approved

for Your Mortgage


Welcome > Lucretia Dean >For Buyers > Mortgage Prequalification ...


Don't Go Shopping for a New Home Before You Know Exactly How Much You Can Spend!
 

You might have an idea of the loan payment and mortgage you can afford. But will the bank feel otherwise? It's always best to pre-qualify for a mortgage so you know exactly how much a financial institution would be willing to lend you. 

In the pre-qualification process, you will find out: 

- Exactly how much home or land you can afford. 

- How much cash you will need for the down payment. 

- The minimum down payment, and advantages of higher down payments. 

- What the bank feels you can afford for a monthly payment. 

Tools for Financing

Whether you're buying your first house, moving to a condo, or searching for your dream home, CENTURY 21 Real Estate gives you tools that make financing a home easier. You're probably wondering …

  • How much can I afford?
  • What will my monthly payments be?
  • What can I do to reduce my monthly payments?
  • What do I need to know about home equity loans and credit reports?


CENTURY 21 gives you FREE access to online financial calculators that help you get answers to these home financing questions and more:

Affordability Calculator
How much money can you afford to spend on a new home? Get help determining how much you can borrow.

Amortization Calculator
Looking for ways to save money long-term? Use this calculator to see just how making a one-time payment can save you significant money in the long run.

Monthly Mortgage Payment Calculator
Demystify home financing by calculating your own home mortgage based on the loan type and amount of your down payment. See for yourself the effect the size of your down payment has on your monthly payments.

Refinancing Calculator
Already own a home? Curious about the benefits of refinancing? Find out if refinancing your home makes sense right now.

Credit Report
Take a look at your detailed credit report instantly. It's easy to do and it's FREE.

More home financing resources...
Toni Roberts Century 21 Mortgage Sharon Andrews with Countrywide Home Loans Patty Ledbetter with Wells Fargo
A Real Estate Tip
Financing Your Home >Early Loan Approval

Many lenders help prospective buyers get pre-approved for a mortgage loan before the buyers begin a serious house-hunting effort. If you are in this position, give the loan officer all of the information about your assets, income, and debts so they can tell you how much you will be able to borrow under the available loan options. The loan officer will do a credit check and work with the lender to straighten out any problems with your credit rating.

Pre-approval from a lender can make you more attractive to the seller when you find the home you want. Multiple offers sometimes come in on a house, and you may find yourself competing with other buyers. In that case, it is helpful if you have included a letter from the lender with your offer stating that you have an approved loan and are, indeed, qualified to buy. This will also save you time by eliminating from consideration any homes that you would not be able to afford.