Albuquerque home buyers have many great lending options. Before you start shopping for your home in beautiful New Mexico, make sure to consult with a lender or mortgage broker to find out what you are pre-approved or pre-qualified for.
An estimated loan amount will help you determine how much of a home you can afford. A safe parameter
to go by is to multiply your gross monthly income by .28 (just over 1/4 of what you earn per month
before taxes and other deductions are taken out). A lender will also look at your monthly debt payments
and figure that into the qualifying ratios. The more debt you have, the less you will qualify for.
Not only does getting pre-approved help set the price parameters for your home search, it is also critical in the real estate negotiation process. When you are ready to present an offer on a home in Albuquerque or surrounding area like Corrales, Rio Rancho, Placitas, or the East Mountains, a seller will feel more
confident in your ability to purchase the home when a pre-approval letter is submitted. Most sellers
require a pre-approval letter before they accept any offer.
Earth Origins Realty can recommend an excellent mortgage banker here in Albuquerque if you have not consulted with one yet.