A pre-approval is a simple calculation that tells you the amount you’ll be able to finance through a loan and what your monthly payment will be. A pre-approval also provides the “seller” some comfort that you have the financial means to purchase their home.
Once you know the amount of money the bank will lend you, you will need to determine how much cash you should save for the down payment. This will help define the types of homes that are within your budget. Bear in mind that your monthly costs not only consist of mortgage payments, but will also include at a minimum real estate taxes, homeowner’s insurance and utilities.. There are lots of options to explore to find the fit that’s right for you. One step you can take towards figuring out how much you can afford to make your home search more effective, even before contacting a financial lender, is to utilize the Vancouver WA Real Estate Mortgage Calculator. Additionally, your Vancouver WA Real Estate Professional can help you in making sense of the financing process and guide you in sorting through your options