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Dice Financial Services Group

1716 N. Sanborn Blvd, PO Box 790

Mitchell, SD 57301

 

Phone:     605-996-7171

Toll Free: 800-658-3603

 

Website: www.dicefinancial.com

July/August 2022

How Much House Can You Afford?

With mortgage rates trending higher, you’ll want to find out how much money you can borrow before you start house hunting. Knowing your price range allows you to focus on homes that are within your budget.


Prequalified versus Preapproved
You can learn how much you’ll be able to borrow by getting either prequalified or preapproved for a mortgage. Prequalification gives you an estimate of the loan amount based on the income, employment, bank account and credit information you report to the lender. Preapproval requires you to provide the actual documentation the lender needs to make a decision: W2s, pay stubs, bank statements, investments, loans/debts, and other relevant financial information for you and your spouse, if applying jointly.


The 36% Guideline
Lenders typically want your total monthly debt payments (loans, credit cards, car payments), plus your mortgage, homeowners insurance and property taxes to be no more than 36% of your pretax income. Many financial websites offer mortgage calculators to help you estimate how much payments will be at various interest rates.


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Securities and investment advisory services offered through Osaic Wealth, Inc. member FINRA/SIPC. Osaic Wealth is separately owned and other entities and/or marketing names, products or services referenced here are independent of Osaic Wealth. Insurance Services offered through Dice Financial Services Group.
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