how much home can i afford?
TRANSCRIPT
Step
3:
Talk
to a
Qua
lified
Len
der
. Aft
er y
ou'v
e m
ade
a p
relim
inar
y re
view
of y
our
finan
ces,
you
'll w
ant
to t
alk
to a
qua
lified
lend
er.
A m
ortg
age
pro
fess
iona
l will
not
onl
y b
e ab
le t
o gi
ve y
ou in
form
atio
n on
the
bes
t ra
tes
and
ter
ms
avai
lab
le in
the
cur
rent
mar
ket,
but
he
or s
he c
an
also
exp
lain
to
you
wha
t op
tions
you
hav
e gi
ven
your
uni
que
fina
ncia
l situ
atio
n.. Y
ou'll
als
o w
ant
to t
alk
to t
he le
nder
to
see
if yo
u ca
n b
e p
re-a
pp
rove
d o
r p
re-q
ualifi
ed.
. Pre
Appr
oval
vs.
Pre
Qua
lifica
tion
Pre
-Qua
lifica
tion
is o
nly
a lo
an a
gent
's o
pin
ion
that
you
'll b
e ab
le t
o ob
tain
fina
ncin
g. N
o ve
rifica
tions
are
mad
e, s
o fo
rmal
ap
pro
val i
s no
t is
sued
.. P
re-A
pp
rova
l mea
ns y
our
loan
ap
plic
atio
n ha
s b
een
take
n th
roug
h a
rigor
ous
pro
ced
ure.
Pre
-ap
pro
val s
aves
you
the
tim
e of
look
ing
at h
ouse
s yo
u ca
n't
affo
rd.
Hec
tor
Gua
dar
ram
aR
ealto
r/A
gent
, Lic
ense
#: 6
6154
7E
XIT
RE
ITZ
RE
ALT
Y G
RO
UP
415
E. S
outh
lake
Blv
dS
outh
lake
, TX
760
92C
ell:
(915
)996
494
0O
ffice
: (81
7)41
6-91
www.EXITREITZREALTYGROUP.COM
Bro
kera
ge, I
ndep
end
ently
Ow
ned
and
Op
erat
ed. N
ot in
tend
ed
to s
olic
it in
div
idua
ls o
r p
rop
erty
alre
ady
und
er c
ontr
act.
$1,2
50$1
,500
$1,7
50$2
,000
$2,2
50$2
,500
$2,7
50$3
,000
$4,1
67$5
,000
$5,8
33$6
,667
$7,5
00$8
,333
$9,1
67$1
0,00
0
$50,
000
$60,
000
$70,
000
$80,
000
$90,
000
$100
,000
$110
,000
$120
,000
Max
imum
Hou
sePa
ymen
tGr
oss
Mon
thly
Inco
me
Annu
al S
alar
y
$125
,000
$150
,000
$175
,000
$200
,000
$225
,000
$250
,000
$275
,000
$300
,000
$50,
000
$60,
000
$70,
000
$80,
000
$90,
000
$100
,000
$110
,000
$120
,000
Annu
al S
alar
yM
axim
um H
ome
Valu
e
Kee
p in
min
d t
hat
thes
e ar
e gu
idel
ines
. The
re a
re
man
y ot
her
fact
ors
that
det
erm
ine
how
muc
h ho
me
you
can
affo
rd.
Met
hod
2:A
hou
se p
aym
ent
shou
ld b
e no
mor
e th
an 2
5% o
f yo
ur g
ross
mon
thly
inco
me
(bef
ore
taxe
s an
d
ded
uctio
ns)
Met
hod
1:Th
e p
rice
of y
our
hom
e sh
ould
n't
be
any
mor
e th
an 2
.5 t
imes
you
r an
nual
sal
ary.
Step
1:
Mak
e a
roug
h es
timat
e of
how
muc
h ho
me
you
can
affo
rd b
ased
on
your
inco
me.
. Her
e ar
e tw
o m
etho
ds
that
will
giv
e yo
u an
ap
pro
xim
ate
star
ting
poi
nt fo
r ho
w m
uch
hom
e yo
u ca
n af
ford
.
The
thre
e st
eps
disc
usse
d in
this
br
ochu
re w
ill h
elp
you
revi
ew h
ome
finan
cing
and
get
you
pre
pare
d to
sp
eak
in d
etai
l with
a le
nder
.
How
muc
h ho
me
can
I affo
rd?
. Mos
t ho
meb
uyer
s fin
d t
hat
they
nee
d
to fi
nanc
e at
leas
t p
art
of t
heir
hom
e p
urch
ase.
. Ther
efor
e, t
he fi
rst
stag
e in
find
ing
the
right
hom
e is
to
revi
ew y
our
per
sona
l fin
anci
al s
ituat
ion
and
mak
e an
in
form
ed e
stim
ate
of y
our
true
p
urch
asin
g p
ower
.
Step
2:
Take
a c
lose
look
at y
our c
redi
t rep
ort.
. You
r C
red
it H
isto
ry is
one
of t
he p
rinci
pal
m
easu
res
used
by
a le
nder
to
det
erm
ine
your
in
tere
st r
ate.
The
bet
ter
your
cre
dit,
the
bet
ter
lend
ing
term
s yo
ur b
ank
or le
ndin
g in
stitu
tion
will
be
able
to
offe
r yo
u.
The
thre
e m
ain
cred
it re
por
t ag
enci
es a
re:
.E
qui
fax
ww
w.e
qui
fax.
com
1.88
8.76
6.00
08.
Tran
sUni
onw
ww
.tra
nsun
ion.
com
1.80
0.88
8.42
13.
Exp
eria
nw
ww
.exp
eria
n.co
m1.
888.
397.
3742
Rem
emb
er t
hat
ther
e ar
e se
vera
l fac
tors
tha
t af
fect
you
r cr
edit
rep
ort
incl
udin
g yo
ur p
aym
ent
hist
ory,
you
r cu
rren
t ra
tio o
f deb
t to
inco
me
and
si
gns
of r
esp
onsi
bili
ty a
nd s
tab
ility
. And
sin
ce n
ot
all c
red
itors
rep
ort
to a
ll th
ree
agen
cies
, it'
s b
est
to o
rder
a r
epor
t fr
om a
ll th
ree
inst
itutio
ns.
. If th
ere
are
any
dis
crep
anci
es o
n yo
ur c
red
it re
por
t, it
's im
por
tant
tha
t yo
u co
ntac
t th
e ra
ting
agen
cies
and
hav
e th
ose
reco
rds
corr
ecte
d.
*The
ave
rage
cre
dit
scor
e in
the
Uni
ted
Sta
te is
678
.