New Home Purchase Loan

How Much House Can I Afford?
Before you grab the road maps and hit the streets, you need to know how much house you can afford to buy. Knowing your affordable price range will bring your new home hunting into focus and taking these few basic steps will arm you with the right information, giving you the upper hand when dealing with the seller.

Do I qualify for a loan?
Few things are more frustrating than looking at homes, falling in love with one, and then discovering that you can't afford that particular house. Click here to find out more and learn about how we will qualify you for your new home purchase loan.

To get a quick idea of what you can afford to spend on your new home purchase loan, multiply your annual gross income (before taxes) by 2.5. For example, if your annual household income is $50,000, you might be able to qualify for a $125,000 home. This is just a rough estimate - the actual number will vary based on factors such as your debt and credit history. 

Know the differences between being pre-qualified and pre-approved?
There is a big difference between these two often used mortgage terms. Knowing the difference gives you the power to negotiate.

Pre-approval of your home purchase loan gives you a good idea of the type of mortgage you will qualify for and the price range of homes you can afford.

It can help you:

• Know how much you can borrow.
• Confirm your ability to qualify for a mortgage based on your credit, financial, and employment information.
• Strengthen your position to make an offer on a house. Sellers are usually more willing to accept offers from pre-approved buyers. 

This is something you should do right away.  Find out how by clicking here.

What is a credit score?
If you're thinking about buying a new home, you should also be thinking about your credit. The first step in the homebuying process is understanding your credit. Credit scores help determine the type and size loan for which you qualify and are a major factor in selecting your new home purchase loan.  First Equity can help you learn more about credit and credit scores. Click here for more information.

Does First Equity have loan programs for all kinds of credit?
We have over 100 programs available for all kinds of buyers. First time home buyers, investors, those with little credit history, people with excellent credit, interest only programs, ARM's, fixed rates, etc. We will work hard for you to find the loan program that works best for your situation and get you in your new home. To learn more, click here.

How can I get started?

Simply call us toll free at (877) 356-8887 or take two minutes and click here to fill out a short form online.  This easy information form does not ask for your social security number and no credit file will be pulled.  Contact us today, your personal loan officer will help you get started.

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