how much will i get approved for mortgage

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How Much House Can You Afford. you’re better served evaluating your estimated monthly mortgage payment. Say, you get approved for a $300,000 loan. If your monthly mortgage payment and other monthly.

 · During high-volume months, it can take longer-an average of 45 to 60 days, depending on the lender. If the lender uncovers any financial issues in your record (e.g., a low credit score, previous foreclosure, or overwhelming debt), getting a mortgage can.

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.

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Having a mortgage application denied doesn't mean you can't get a. bank will only approve a mortgage when your income is at a level much.

"The average mortgage process today takes 60 days. So, people spend almost as much time financing the houses they found as.

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To shop with confidence, get a mortgage pre-approval. You’ll supply proof of income. The interest rate determines how much you‘ll pay monthly based on a percentage of the loan amount. The APR is.

 · How long does it take to get pre-approved for a mortgage? According to Ellie Mae , as of July 2017, mortgage lenders approved 70.6 percent of loan applications started during the previous 90.

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How much mortgage can I afford? Your income, credit history , the size of your down payment , and your employment and residence history are all factors in how much you could borrow. Depending on circumstances, the amount you could borrow may exceed the amount you can comfortably afford – so it pays to borrow cautiously.

A mortgage pre-approval is a written statement from a lender that signifies a home-buyers qualification for a specific home loan. Income, credit score, and debt are just some of the factors that go into the pre-approval process.

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.