How Large of a Wilmington Nc House Can You Afford?

How Large of a Wilmington Nc House Can You Afford

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The initial step to purchasing a Wilmington, NC, house is determining how much house you can afford, or with what payment you feel comfortable. This can be a wearisome operation. Calling lenders, looking at mortgage loan programs and interest rates can be perplexing, to say the least. There is a simple way to get started, and give yourself an idea of where you stand.

The initial step is to find out what mortgage interest rates are at the current time. You can often do this with a couple of phone calls to lenders or some quick searching on the web. Get your rates on conventional fixed rate loans. If interest rates rise in the future, your loan will be unaffected, unlike Adjustable Rate Loans.

To obtain an absolute picture of how much house you can absolutely qualify for, the best idea is to contact a trustworthy local lender and let them analyze your entire situation. The lender can calculate your income-to-debt ratio, do a quick credit score and give you the data you need. Normally, lenders like to see a ratio not exceeding about 28%. This does not take into consideration long term monthly debt. As an example, to qualify for a loan, lenders may require ratios of 28% or 36%. This means you can spend up to 28% of your gross monthly income on a motgage payment, and no more than 36% of your gross monthly income on all forms of debt, mortgage included.

Once the loan officer determines the amount of home you can afford, they can issue a

pre-approval for you. A pre-approval is an official letter saying the lender commits to giving you a certain amount of money as determined by current rates. This makes the home search much easier, because you know the price range you should be searching in. Also, sellers often require a preapproval letter when an offer is made to prove you have the money to buy the house.

We work with numerous Wilmington, NC, loan officers and would be happy to recommend one for you. Simply give us a call at (910)202-2546.

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