Just Researching
When you first start to think about buying a house, you probably don’t have any idea what you can afford. You only know that you’d like to buy a home of your own. With some basic information from you, we can quickly let you know how much you could be approved for.
Income
First, we’ll start with your income. How much do all borrowers make? Income can be from a job, self-employment, retirement, permanent disability, or even child support. That financial information will give us an idea of how large of a house payment you could handle.
Debts
Besides income, once we pull your credit, we’ll be able to see how much debt you have. Debts include mortgage payments, credit cards, other loans, and vehicle loans. One of the main ratios we consider is your Debt-to-Income Ratio (DTI). Generally, that needs to be under 43%, although that ratio can go higher for some loans. Here’s an example:
- Debts – $3,000
- Income – $7,000
- DTI = 42.85%
Budget
Everyone is different in how large of a mortgage payment they feel comfortable with. Some buyers want to buy at the top of their budget. Other buyers are more conservative and want a smaller payment.
We’ll work with you to find the home loan amount that’s just right for you.
Why Homestead?
Homestead is a top lender of mortgage loans. Your loan advisor can walk you through every step of the way to qualifying for a mortgage. Our rates are some of the lowest in the states we serve. Our loan advisors provide excellent service, as you can tell from our reviews. Plus, we close fast!
Why Homestead?
Homestead is a top lender of mortgage loans. Your loan advisor can walk you through every step of the way to qualifying for a mortgage. Our rates are some of the lowest in the states we serve. Our loan advisors provide excellent service, as you can tell from our reviews. Plus, we close fast!
Read on to see what our clients say about us.
Doug H. says…
I chose Homestead Financial based on the reviews I saw about them. I was not disappointed! They were very professional, proactive, and very responsive. They never left me wondering where we were at during the process. The people I worked with directly were amazing. I felt like I was always taken care of throughout the entire process, and I was given updates the whole way. I definitely recommend them to anyone who is looking to refinance their home loan!
Sara P. says…
I had a wonderful experience working with Brian Agee. He made the whole process easy and very transparent. He was extremely responsive and always ready to answer questions. He helped us with a cash-out refinance, which allowed us to pay off debt and get into a comfortable financial position. I’m so grateful we worked with Brian and that he helped us reach our goals.