How Much Can I Afford?
A.S.A.P Mortgage is aware that purchasing a home is one of the most expensive transactions of a lifetime. This being said, knowing your “Buying Power” is the most important piece of the home buying process. Your Buying Power (how much you can afford) provides you and your realtor with the tools necessary to begin searching for your home within the price range you and your loan officer discuss.
The figures your A.S.A.P loan officer will utilize to obtain this Buying Power will consist of your current debt vs. your current income, thus resulting in your top debt to income ratio (DTI). Then your total new housing payment (PITI) is added to your existing debt for your total debt vs. your income, this resulting in your bottom debt to income ratio.(DTI).
Your A.S.A.P mortgage loan originator will place your Buying Power within the maximum financial parameters (DTI ratios) a lender is willing to offer you in combination with what they discuss with you as a comfortable maximum monthly mortgage payment for your lifestyle.
They will discuss these figures with you in depth in addition to reviewing your cash needed to close with details of the financing prior to releasing your Buying Power (aka, Pre-qualification letter).
Contact us now to determine your “Buying Power” and begin your journey of homeownership today!