Mortgage Loan Pre-approval in Metro Atlanta, GA
STEP #1: Get Pre-approval First

When preparing to buy a home, you have to estimate how much home you can afford. Similarly before you apply for financing, you should allow a lender to size up how much mortgage you can afford. Using financial information that you provide, prequalification is a lender's analysis of your general position as a borrower or, in other words, an estimate of what you can afford.

Besides giving you an even better idea of what you can afford, getting prequalified helps you make an informed application for your mortgage pre-approval and is evidence to realtors that you will be able to get financing.

Why Get Prequalified?
First of all, it gives you an idea of what you can borrow so you don't waste time looking at homes you can't afford. While looking for a home, it will also help in making an initial offer because it is evidence that you will be able to pay for the home. Third, when you apply for a loan, it will speed the process because you will have already assembled all of the financial documents that you're likely to need.

How Much Can I Afford?
Determining how much home you can afford means figuring out what size mortgage a lender will qualify you for. To calculate this number, lenders use:

• Your income
• Your credit rating
• The size of the down payment
• The length of loan (15 years vs. 30 years)
• The amount of your outstanding debts (debt-to-income ratio)
• The interest rate for your mortgage
• The likelihood that you won't be able to pay back your loan

Additional Costs to Consider When Setting Your Budget

Many people get in over their head financially by failing to estimate the total cost of buying and owning a home. When estimating how much home you can afford, include the following items:

• Real estate agent or realtor (if you use one): 2-3% of purchase price
• Down payment: 1-20%
• Financing fees charged by loan representative: approximately 1% of loan amount
• Closing costs including appraisal, pest-control inspector, home inspector, escrow holder, and title insurer: typically 5% (This is typically financed into the loan and the mortgage payment)

Once you Own the Home, Don't Forget There Are Costs of Ownership:

• Mortgage payments
• Homeowners insurance
• Decorating/furniture
• Maintenance
• Repairs
• Upkeep
• Remodeling

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