What are my payments?

Now that you know what you’re looking for, the next step is figuring out what you can afford. A review of your income, savings, monthly expenses, and debt will be necessary.

Contact us to pre-qualify for a mortgage loan and determine how much you can afford. It enables you to move swiftly when you find the right home, especially when there are other interested buyers. It also indicates to the seller that you are serious and can afford to buy the property. A pre-approval is a simple calculation done by a mortgage lender that tells you the amount you'll be able to finance through a loan and what your monthly payment will be. When you find a home to buy, a pre-approval also reassures the seller that you have the financial means to purchase his or her home.

Know what you can afford is the first rule of home buying, and that depends on how much income and how much debt you have.

The price you can afford to pay for a home will depend on several factors, such as:

Another figure lenders use to evaluate how much you can afford is the housing expense-to-income ratio. It is determined by calculating your projected monthly housing expense, which consists of the principal and interest payment on your new home loan, property taxes and hazard insurance (also known as PITI).

Each buyer is unique – and a mortgage professional can help you find out just what you can afford. Your income and your debts will typically play the biggest roles in determining your price range.  In todays market is is essential to have the details underwritten and approved.  A trained professional can make the  best approach to determine your affordability and close your transaction.  A Loan Modification is a permanent change in one or more of the terms of a mortgagor's loan, allows the loan to be reinstated, and results in a payment the mortgagor can afford. LOAN MODIFICATION, FORECLOSURE, SHORT SALE, Hope 4 Homeowers, HOPE4 HOMEOWNERS, MODIFICATION, HOME OWNERSHIP,LOSS MITIGATION, REAL ESTATE, FORECLOSURES, LOAN MODIFICATIONS, HOMEOWNER FINANCIAL STRESS, LIQUIDATION, FIRST HOUSING,  FIRST HOUSING OF AMERICA, INC. short sale occurs when the proceeds of a real estate sale fall short of the balance owed on the property.^[1]In a short sale, the bank or mortgage lender agrees to discount a loan balance due to an economic or financial hardship on the part of the mortgagor. This negotiation is all done through communication with a bank's Loss mitigation department. The home owner/debtor sells the mortgaged property for less than the outstanding balance of the loan, and turns over the proceeds of the sale to the lender, sometimes (but not always) in full satisfaction of the debt In such instances, the lender would have the right to approve or disapprove of a proposed sale.