Would you agree it feels great when you are prepared... A serious buyer knows what amout of house they can afford. You should know what your credit scores are.   To get a sense of how much you may be able to borrow, fill in the form below and click on the calculate button. Please note that prequalification is different from a preapproval. Prequalification gives you an estimate of how much you may be able to borrow. Preapproval, on the other hand, indicates that you have been approved for a set loan amount prior to property selection.   Q : How do I know how much house I can afford? A : Generally speaking, you can purchase a home with a value of two or three times your annual household income. However, the amount that you can borrow will also depend upon your employment history, credit history, current savings and debts, and the amount of down payment you are willing to make. You may also be able to take advantage of special loan programs for first time buyers to purchase a home with a higher value. Give us a call, and we can help you determine exactly how much you can afford.   Q : How do I know which type of mortgage is best for me? A : There is no simple formula to determine the type of mortgage that is best for you. This choice depends on a number of factors, including your current financial picture and how long you intend to keep your house. Our Brokerage can help you evaluate your choices and help you make the most appropriate decision. Q : How much cash will I need to purchase a home? A : The amount of cash that is necessary depends on a number of items. Generally speaking, though, you will need to supply: Earnest Money: The deposit that is supplied when you make an offer on the house Down Payment: A percentage of the cost of the home that is due at settlement Closing Costs: Costs associated with processing paperwork to purchase or refinance a house   Q : How long does it take? A : That depends on several influences. Before you start you should have completed a pre qualification.  After that you'll get a Pre-Approval indicating your loan amount and terms.  Find your home, initiate a contract to purchase Consult with your mortgage broker, bring your  supporting documents to execute your loan package Loan Package delivered to Lender,  Total process could take 30-45 days