Calculators to help you qualify yourself for your PurchaseMortgage calculatorsCalculators to help you qualify yourself for your Purchase.

Do you know how much mortgage you qualify for?  It's rather easy to find out.  You can begin by using these  calculator below.  When you reach the point where you meet with a mortgage professional, he/she will request further information and will be able to provide you with a full pre-approval.

Given the current state of mortgage lending, knowing where you stand credit wise is even more important now than ever.

It is important to note that in truth anyone can be “pre-qualified”. Your realtor can do it for you, they simply have to know the lending guidelines.

Learn more here.

Take advantage of these calculators below to help you Calculators to help you qualify yourself for your Purchase.   They will help you know where to begin financially.

Calculators to help you qualify yourself for your Purchase.

A pre-qualification is normally issued by a loan officer, who, after interviewing you, determines the dollar value of a loan you can be approved for. No credit checks are done, no employment history taken, nothing is submitted to an underwriter. However, loan officers do not make the final approval, so a pre-qualification is not a commitment to lend. After the loan officer determines that you pre-qualify, he/she then issues you a pre-qualification letter. In times past, before houses were selling very quickly (between 1997-2005) we used pre-qualification letters. However during the peak seller’s market pre-approvals (explained in the next paragraph) became the standard in the Greater Hudson Valley Region. 

Pre-approval is a step above pre-qualification. Pre-approval involves verifying your credit, down payment, employment history, etc. Your loan application is submitted to an underwriter and a decision is made regarding your loan application. If your loan is pre-approved, you are then issued a pre-approval certificate or letter. Getting your loan pre-approved allows you to close very quickly when you do find a house. A pre-approval may help you negotiate a better price and/or terms with the seller, because they know that the buyer is serious enough to have answered the hard questions with a lender. Often having a pre-approval at the ready can give you a leg-up if you are up against another buyer who did not come to the table so well prepared.

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