Don't Go Shopping for a New Home Before You Know Exactly How Much You Can Spend!

You might have an idea of the loan payment and mortgage you can afford. But will the bank feel otherwise? It's always best to pre-qualify for a mortgage so you know exactly how much a financial institution would be willing to lend you. In the pre-qualification process, you will find out:

• Exactly how much home or land you can afford.
• How much cash you will need for the down payment.
• The minimum down payment, and advantages of higher down payments.
• What the bank feels you can afford for a monthly payment.

To give you some idea how much home you can afford with a given monthly payment, try our loan calculator.

In addition, you can find information about FHA loans at the U.S. Department of Housing and Urban Development, and VA loans at the Loan Guaranty Homepage.