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Host: How do I know how much house I can afford? Jeff Thomas: That's fairly easy but because your mortgage advisor is going to look at your income, they are going to look at your debts and they are going to look at your credit. They look at your credit because that's going to point to you to a particular program and maybe in a particular rate. They are going to look at your credit because that's going to tell them how much money is going out each month. Then they are going to look at your income to see how much money is coming in each month. The first question that I believe that your loan officer would ask you is, how much money do you want to pay each month for your mortgage payment? Once you have your mortgage payment narrowed down, they can work backwards from that number to come up with a home value. Once they have that home value, you will know is it a $200,000 home or is it a $300,000 home? Once you have that information, you will be able to readjust your figure either up or down, either based on your income or based on what you wanted to pay each month. 1
Expert: Jeff Thomas
Mortgage Advisor
Jeff Thomas is a Mortgage Advisor and Financial Educator with Family Lender, Inc. located in Fairfax, Virginia. Jeff has seen the mortgage business change significantly in the 15 years he has been in the business. Changes such zero down loans, to relaxed underwriting guidelines to borrowing more than the house is actually worth on a purchase or refinance transaction. With the changes in the mortgage industry, More »
About This Video
In this video, mortgage advisor, Jeff Thomas describes how to purchase your first home and the process you must go through to obtain a mortgage. This video is designed for first time homebuyers and also provides More »
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This video segment: 184 views
Tags: Mortgage, House, Purchasing, Buying, Credit, Payment
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