Improve Your Home Buying Power
Buying a house is much more than just deciding how many bedrooms and bathrooms you need. It’s crucial to sit down and work out a budget, considering your net income and subtracting our current debt while leaving wiggle room for emergencies. What’s left is your MAP or Maximum Affordable Payment for your mortgage. Determining your MAP is just part of your initial consultation with your Ark Mortgage Advisor. They’ll also describe various ways to maximize your purchasing power.
The first step in buying a house is determining your budget. Start here to get an estimate of how much you can qualify for. You can calculate your mortgage qualification based on income, purchase price, or total monthly payment—so plug in a couple of scenarios to see if the result matches what the amount you had designated as a Maximum Affordable Payment.
Understanding the difference between a mortgage pre-qualification and Certified Pre-Approval is critical.
A mortgage pre-qualification is a simple calculation to see what you can afford based often on verbal communication of your income/debt levels (DTI), assets, down payment, employment history, and estimated credit score. You can get pre-qualified quickly but none of the information has likely been verified by documentation. Therefore, it may not hold as much weight when negotiating with sellers or their Realtors.
An Ark Certified Pre-Approval, on the other hand, is a written, conditional commitment from our company, valid for 60 days, stating you are pre-approved for the mortgage financing up to a specified amount based on submitted documentation. You’ll still need to complete a loan application, submit the address of the property you’ll ultimately buying, along an appraisal and other documents to get your actual loan underwritten.
It’s a simple process in which we review your income and assets and review your credit history. It’s guaranteed for 60 days. Considering the weight a Certified Pre-Approval carries over a pre-qualification, doesn’t it make sense to request one?
Once a complete loan application is submitted, it normally takes less than 24 hours to receive your Certified Pre-Approval from Ark Mortgage!
How much mortgage can I afford?
The first step in buying a house is determining your budget, so start here to get an estimate of how much you could qualify for so you can see how it would fit into your monthly payments. You can calculate your mortgage qualification based on income, purchase price, or total monthly payment—so plug in a couple scenarios to see how it might affect your future home purchase.