Qualify for a Loan

Qualify for a loan - how much house can I afford?

The first step in home buying is qualifying for a loan. Here is a breakdown of how to get started.

Estimate what you can afford.

This step is optional because when you talk to a loan officer, they will be able to give you a more acurate idea of the price range you can afford, but mortgage calculators can be fun tools to give you some immediate feedback.

Use the mortgage calculator at realtor.com to estimate what loan amount you may qualify for.

Then use the Rent vs. Buy calculator to determine which scenario is best for you.

Finally, use the Budget Worksheet to make sure you have a realistic expectation of how much money is coming in and going out each month. You may qualify for a larger monthly payment than you wish to pay. Examining your budget will help you determine if you'll need to make any adjustments in order to afford the home you’d like.

If you determine that you may not qualify for the home you’d like to buy, check out our Get Your Finances in Order: To Do List, and if you're not sure, go make sure you talk with a loan officer that can give you a definitive answer.

Get prequalified by a lender.

It's important to know that you will qualify for a loan before you spend too much time on the home-buying process. Contact a local Boise lender to find out what your loan limit is. Click the button below to do this now.

Compare lenders.

It is not necessary, but often customary to get pre-qualified with multiple lenders. By the time you have chosen a property, you will need to choose one lender. If you are in communication with multiple lenders, make sure you communicate this fact to each of them. It will avoid misunderstandings and also give them extra incentive to give you top-notch service.

How Much Can I Afford? | How Much House Can I Afford? - Pre-Qualified vs. Pre-approved | How Much Can I Afford? - Common Mortgage Terms Explained