How Much Home Can You Afford?
04/01/2016
Before you start the homebuying process, the first and most important question you need to ask is, "How much can I afford?" The answer can be easily found when you get pre-qualified for a mortgage.
The process is relatively simple and painless. A typical pre-qualification application asks for personal information, such as your Social Security number, current residence, employment information, and yearly income. At Solvay Bank, homebuyers can complete their application online in just a few minutes at solvaybank.com/prequal. The bank reviews the information provided to determine how much money you could potentially qualify to borrow for purchasing a home.
Just remember – getting pre-qualified for a mortgage is not an application for credit or mortgage pre-approval. It is very important to be as truthful and forthcoming with your financial situation when going through the pre-qualification process, so you can have an accurate price point to work with when searching for a home.