how much will i get approved for mortgage

Best Answer: A mortgage pre-approval is based on several things. 1. Debt to income ratio – if buying fha (3.5% down pymt) then you can safely go to 43% of your GROSS monthly income for a mortgage payment plus all debts. If you earn $2000 monthly net and we gross that up 20% then you are at $2400 before.

According to Ellie Mae, as of July 2017, mortgage lenders approved 70.6 percent of loan applications started during the previous 90 days. This does not mean 29.4 percent of all the remaining.

how to get a preapproved mortgage Find out where to get a mortgage, how the pre-approval process works and what lenders consider when they qualify you for a mortgage.. Questions to ask your lender or broker when getting pre-approved. When getting pre-approved, ask your broker or lender the following:.

The mortgage calculator suggests they can afford a mortgage between $198,000 to $277,200. This range is an indication of what banks are likely to offer them as a mortgage. Since banks have different lending requirements, and different underlying rules of how much they will lend it is impossible to give an exact figure.

FHA requires a 3.5% down payment as well as an upfront and monthly mortgage insurance in many cases. The MIP displayed are based upon FHA guidelines. Other loan programs are available.

questions for mortgage lenders Leaders Credit Union – Other banks provide mortgages. We make home loans, and we guarantee our pricing. Find a better deal from a local provider, and we will beat it or pay you for .

Find a local lender in minutes who can help you get pre-approved for a mortgage. Mortgage pre-approval can show you’re a serious and credible buyer.

A good rule is that your total housing payment (including fees, taxes, and insurance) should be no more than 35 percent of your gross (pre-tax) income. For example, if together you and a co-buyer earn $80,000 a year, your combined maximum housing payment would be $2,333 a month. That’s an absolute, max, however.

A mortgage pre-approval means a lender not only reviewed your credit history, but also verified income documents and bank statements and based on the information the buyer should qualify for a mortgage loan. A pre-approval is must stronger than a pre-qualification and shows a borrower is much more likely to be approved. Check Today’s Mortgage.

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The higher your DTI, the harder it will be to get a mortgage, much less a good interest rate. Many lenders won’t consider a borrower with a DTI above 43 percent.

Your total mortgage payment should be no more than 28 percent of your gross monthly income Your total debt payments (existing plus the new mortgage) should be no more than 40 percent of your gross monthly income.