When you are going from renting to a home loan a common question we get asked as Mortgage Bankers is, “how much can I afford?” This is a great question.
When you are ready to purchase a home you can begin to estimate your purchase price based upon your current rent. Simply take your current rent and multiply it by 175.
That will give you a rough estimate of the purchase price range that you can afford.
What is most important?
- Give us a call and get pre-approved. Why?
- Because this rough estimated purchase price has NOT taken into consideration your current income situation nor your current monthly debt payments.
- Next, keep your credit requests and debt obligations as low as you possibly can during the pre-approval and while you are shopping for your dream home.
We are here to help you through the process from renting to a home loan!