COURSE INDEXPreliminary Questions
Home Buying Start & Registration
Budgeting To Buy a Home
Find Your First House
Inspect Before You Buy
Shop For a Mortgage Loan
Home Mortgage Loan Process
Credit Score and Credit Report
Home Mortgage Loan Closing
Being a Home Owner
Mortgage Quote Request
Get Started Below!
The maximum mortgage amount that Mr. & Ms. Atlast would qualify for is $94,168.00. If you got this answer, congratulations. If not check your math, it is probably a math error. Additional Pre-Qualification Worksheets are included at the end of your Guide. Make copies and as the factors on the worksheet changes, so will the qualified maximum loan amount.
It should also be noted that if the loan amount requested on Mr. and Ms. Atlast’s loan application is less than or equal to the maximum loan amount on the Pre-Qual Worksheet ($94,168), the lender will have advised them that they pre-qualified for the loan amount requested. If however, the loan amount reflected on the loan application is greater than $94,168, the lender would apprise them of the maximum loan amount for which they can qualify, and recommend that steps be taken to reduce the requested loan amount.
Good Faith Estimate of Settlement Costs – within three days of applying for the loan, the lender will send you a Good Faith Estimate of what it will cost you to close or settle on the loan. The document provides an itemized break down of fee amounts for closing costs and prepaid expenses.
Closing Costs are costs, in addition to the price of the property that are paid at closing. A portion of the closing costs may be financed on an FHA-insured or VA guaranteed mortgage. If financed, these costs will increase the loan amount and will be included when computing debt-to-income ratios.
Prepaids are advance deposits (Real Estate taxes, hazard insurance, etc.) paid at closing by the borrower that are placed in an escrow account and dispersed by the lender as they become due.
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Table of Contents | Homebuyer Course Start Page | Find A Realtor | Budgeting To Buy a Home | Neighborhoods | Find Your First House | Inspect Before You Buy | Shop For a Mortgage Loan | Mortgage Home Loan Process | Credit Score and Credit Report | Home Mortgage Loan Closing | Being a Home Owner
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