How much can you afford?
Buying a home usually means getting a mortgage loan. You will find a useful mortgage calculator below that will give you the monthly payments you could expect given your particular financing situation.
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A few important points of what NOT to do from the time you make an offer until your mortgage funds:
1. Don’t quit your job or change jobs (if you can help it)
- Sounds obvious, but any change in your income or job will give the lender cause to amend or cancel the mortgage approval.
- While a job change could mean a raise or a path to a better future, it could also delay your settlement. Your lender needs to verify employment with no probation and will require paystubs to prove your new income before your mortgage can go to funding.
2. Don’t apply for new credit or get rid of existing credit
- Applying for credit can lower your credit score. Not only will you lose points for a new credit inquiry, but if approved for new credit, the new payment must be included into your debt service ratio and could result in a decline of your mortgage approval.
3. Don’t close any credit accounts
- Do not close any credit accounts unless directed to by your Mortgage Broker or Mortgage Lender.
4. Don’t move your money around without a paper trail
- Your lender will need three months of recent bank statements before the mortgage funds. If you have any unusual deposits, you will need to provide complete documentation of where the money came from.
5. Don’t increase your debt or co‐sign for a loan or mortgage for someone else
- This is extra debt that could make your debt service ratios go over acceptable limits. Debt-to- income ratios are extremely important for a mortgage approval.
6. Don’t stop paying your bills, skip a payment or make a late payment
- If you are just waiting on the proceeds of a refinance in order to consolidate some of your debt, you must continue making your payments as scheduled. One of the most important elements of your credit score is your history of on‐time, in‐full payments.
7. Don’t buy a car
- Even if you can easily afford a new vehicle, the depletion of your savings or the addition of a new car loan could derail your mortgage application. Wait until after you have moved to switch to a new vehicle.
8. Don’t spend your savings/closing costs
- You’ll need cash on hand at time of funding to cover your down payment and closing costs. Your lender may verify your cash reserves one more time to make sure the funds are in place. The general rule is they want to see you with 1.5% of purchase price saved to cover closing costs.
9. Don’t change your real estate purchase contract
- The approval was set based on the terms provided. Check with your Mortgage Broker before making any changes.
10. Don’t list your property for sale
- Lenders don't like to fund mortgages on properties for sale.