Before looking for homes it's obviously important to know what you can afford!!

ASK & LEARN

Back into what lenders use to qualify buyers for a mortgage and what are important factors in determining loan approval.  You apply, get approved or denied. AT LEAST YOU'LL KNOW what to do if denied!!

DON"T BE SCARED-IF YOUR PAYING RENT YOUR PAYING A MORTGAGE ANYWAY!

**JUST NOT YOURS**

Total monthly debts are determined by adding the normal and recurring common monthly debt payments such as monthly housing costs, car, credit card payments, personal loans,student loans, child support, alimony etc etc.

Lenders actually look at two different ratios called the front-end and the back-end.
There are plenty of lenders to give you their time to earn your business. Personally, I'd recommend a Mortgage Broker as they have more channels to get better rates & can do more for you than a bank that usually has higher rates.

In addition to determining whether the buyer qualifies for MONEY, it could affect the interest rate.  Having good credit and having the proper ratios will result in an approved mortgage.  On the other hand, if the debt is on the upper side of an acceptable they might ask for a higher rate to manage the higher risk. A good Mortgage Broker will explain this to you.

THEY WANT YOU APPROVED

Find a Mortgage Broker to help you with your credit snapshot and give you an accurate picture of what price home you can afford and the rate you can expect to pay. Best case, your approved-worse case is you'll know what to do to get approved!!
Just remember this, all lenders are not the same, and Michael Jordan didn't quit after his first shot so if you get denied DON'T WORRY. try one more time & make a goal with the information you gathered to GET approved!!