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Determining how much you can afford before you begin your home search will save you valuable time.

Prequalification vs. Preapproval

Prequalifying for a mortgage generally helps you determine how much house you can afford.

Most lenders require that your monthly mortgage payment, including principal, interest, taxes and insurance, range between 25 and 28 percent of your gross monthly income.

Remember, becoming prequalified does not necessarily mean that you will be approved for a loan of that amount.

Preapproval from your lender means that you have provided them with the necessary paperwork, and they have approved your actual loan amount.

Having preapproval for a home loan will put you in a much better negotiating position, because the seller knows that you are able to obtain your loan to purchase their home.

Down Payment

Most lenders require a 5 to 20 percent down payment; 25 percent or higher down payment may qualify you for a lower percentage rate. Robin can help you locate a lender who will assist you in finding a financing package that best meets your needs.

Windermere Real Estate/East, Inc.
3933 Lake Washington Blvd NE Suite 100 • Kirkland, WA 98033
Cell: (206)406-2752 • Email: robin@robinvogel.com