Qualify for Financing

One of the most important aspects of buying a home is figuring out how much you
can afford and arranging financing. As a general rule of thumb, financing your home
requires a down payment ranging from 10% to 20%, which in some circumstances
can be even less. In addition, most lenders allow approximately 30% of a person’s
gross income to go towards making mortgage payments and not more than 40% of
gross income to go towards making all debt payments, including mortgage payments.

In today’s fast moving real estate market, it is critical to arrange financing before
you find the home you want to make an offer on. This process is called pre-
qualifying for a mortgage and involves determining how much of a mortgage you
can afford. The loan amount you pre-qualify for plus your down payment roughly
represents the amount you can afford to spend on a home.

We can assist you in arranging financing by providing contact information for a number of qualified mortgage bankers and direct banking lenders.