improve your home buying power
Before you start deciding how many bedrooms and bathrooms you need, it’s crucial to sit down and determine how much house you can afford.
Once that’s done, we give you a Certificate of Pre-Approval, a lender-reviewed document that tells your realtor and the seller of any home you’re interested in that, based on the information you’ve provided, you’re likely to qualify for financing up to the stated amount. Final approval and funding depend on underwriting and are not guaranteed. In a competitive market, it can be really difficult to get sellers interested in your offer without it.
An Ark Advisor can help you to work out a budget. We consider your net income and subtract your current debt while leaving wiggle room for unforeseen expenses. That determines your Maximum Affordable Payment (MAP) for your mortgage, which in turn tells us what amount of loan you’ll be likely to be approved for.
Your Ark Mortgage Advisor will also tell you about various ways you can maximize your purchasing power.
How much mortgage can I afford?
The first step in buying a house is determining a realistic budget. Start with this handy calculator to get an estimate of how much you can qualify for, and how a home loan will fit into your monthly payments. The calculator considers your income, the purchase price, and the total monthly payment. Try a couple of scenarios to see how it might affect your finances.
FAQs
Is a Certified Pre-Approval a guarantee?
No. It means that, based on the information you provided at the time of review, you’re likely to qualify for financing up to the stated amount. Final approval and funding depend on underwriting.
What can affect my pre-approval?
Changes in your income, assets, debts, credit or other circumstances may affect whether you qualify.
Pair with Other Programs
Lifetime Guarantee
For any number of reasons, you may refinance your Ark loan. With our Lifetime Guarantee, you pay origination fees only once per property, no matter how many times you refinance, and we reimburse your appraisal fee at closing, up to $750. Excludes second-lien loans.
Heroes Program
If you’re a volunteer EMT or volunteer firefighter, thank you. To show our gratitude, we’ll reimburse your appraisal fee at closing, up to $750, when you purchase or refinance your primary home.