How Much Home Can You Afford?

Before you can begin to search for a new home, you need to determine your budget and estimate how much you can afford.  One of the most important factors in figuring out your financial budget is getting pre-approved for a mortgage.

What is a Mortgage?

The first step towards financing a new home is getting pre-approved for a mortgage. A mortgage is an advance of money from your kendra that will cover the finances of your new property.  Over and extended period of time, you (the mortgagee) must pay the bank back each month a percentage of the money they lent you plus interest, until the total sum is paid back in full. This is how most homes are financed. 

Documents needed to apply for a mortgage. 

When you apply for a mortgage, you will need to furnish information regarding your income, expenses and obligations. To save time, have the following items available for each borrower: 

Two most recent pay stubs. 

W-2's for the last two years.  

Federal tax returns for the last two years. 

Last two months' bank statements.  

Long term debt ingormation (credit cards, child support, auto loans, installment debt, etc.

...courtesy of:

Nakia M. Evans, GRI  
REALTOR (R),   Licensed in MD  

Coldwell Banker Residential Brokerage
nakia.evans@CBmove.com
Cell: 443.864.1358

22 Padonia Rd., Ste A-100
Timonium, MD 21093
Office 410-252-2111
www.CBmove.com/Nakia.Evans