Ideally, you would be able to buy any property, you want. In reality the process is a bit more complicated. Before you set out to buy the home of your dreams, it is essential that you know how much real estate you can afford. This includes not only being pre-approved for a certain mortgage amount, but also looking at your finances long-term. Ask yourself: How much savings do you have? What if something breaks on the house, will you be able to afford the repairs? Can you still pay mortgage and upkeep, if you lose your job or become ill?
It is a good idea to track your earning and spending habits to get a clear idea of how much money you have available for items such as mortgage and HOA fees etc.
Keep in mind that pre-approval and loan-prequalification are not the same thing.
A pre- qualification can help immensely in terms of figuring out just what you can afford. Through your debt, income, employment history, credit history, expenses and more you get a good idea about how much you will be able to pay for your real estate.
A pre-approval on the other hand is a bit more detailed than a pre-qualification. During the pre-qualification process you may discuss your credit history and debts, while during a pre-approval the lender will actually run your credit check in order to determine how much they will be able to lend to you.
To assist you in determining which mortgage is right for you, and by learning a bit more about you, please fill out the form below. Of course, all information provided is confidential and free of obligations.
Once, we have a clear picture of what your price range will be, we can assist you in evaluating the Queen Creek real-estate market, which neighborhoods and subdivisions are going to be a great fit for you. Regardless in which area you will find your dream home, looking at your finances is always the first step in the Mesa home buying process. We are looking forward to assisting you to find your dream home.