Before decide to buy a house, it is very important to know much much can you afford and what is the amount of money you can borrow. By having a clear plan of action you are not only organised but also have predicted the long term process of applying for the loan and eventually applying.
Since you have a clear idea all you have to do is do some research on the best options available and the information you need to qualify for the mortgage can be often found by using a mortgage calculator. Also some other important question that you should have answers for are;
- Is your credit score good? If not what are the other options?
- Have you filed bankruptcy, late payments, or collections? If so, is there an explanation?
- Are there excessive monthly payments?
- Are credit cards maxed out?
The answers to these questions can make a determination as far as the eligibility of a mortgage loan goes.