I want to find out exactly how much money me and my wife qualify for with a home loan without actually applying. is that possible?

I have credit cards i need to pay off so while I pay off my cards i would like to scout the market and know what my possibilities are. I realize that what i qualify for today may not be the same as later.
(0) | asked by: Jason Foster | share | 2 days ago | Report
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answer by Rich Reed    |   Visit My Website   |   Contact Me
Hi, Jason, almost any and every lender can pre-qualify you in a matter of minutes. Unfortunately, a pre-qualification letter carries very little weight when making an offer. Pre-qualification means that a lender has evaluated your creditworthiness and has decided that you probably will be eligible for a loan up to a certain amount. Better, is a pre-approval letter, which again almost any lender can issue in a matter of minutes. A pre-approval letter is a statement from a lender that you qualify for a specific mortgage amount based on review of all of your financial information, including credit report, pay stubs, bank statement, salary, assets, and obligations. Pre-qualification and pre-approval letters are usually issued at no cost. The strongest letter would be from a lender that has had your loan amount pre-underwritten. With this type of letter, you can more easily compete with cash buyers. Not every lender does this type and often you will have to pay a nominal fee to get one. Try working with a local Realtor and mortgage broker in your desired search area. Hope this is helpful!
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answer by Kevin Shams    |   Visit My Website   |   Contact Me
Call me and I will let you know exactly what you can afford.
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answer by Lidia Marks-Bratten    |   Contact Me
A general rule of thumb is to multiply your annual income by 5. This is a completely generic formula that doesn't take into account debt to income ratios or credit scores, etc. But if you want to dream shop before pulling the trigger on starting the loan process, this is a good trick.
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answer by Aaron Klatt    |   Visit My Website   |   Contact Me
I also have a lender that you can speak to if you would like a second opinion. Please reach out if you would like to discuss further.
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answer by Sheila Cohen    |   Contact Me
Hi Jason, thanks for your question. I have a lender you can talk to over the phone and get an idea how much you both would qualify for. I also have a Lease with the Option to Purchase Home program. Are you looking in Anza area or somewhere else? Give me a call in the morning if you want to discuss these options. Sheila C. Keller Williams
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