I did a mortgage calculator and it said I can only afford a $35,000 mortgage, are there other options?

4 Responses to “I did a mortgage calculator and it said I can only afford a $35,000 mortgage, are there other options?”

1. dune nana on October 1st, 2008 12:02 pm

   be careful on the internet. when you apply online, it will shoot your application out to numerous lenders, which will lower your scores. go to a local mortgage broker. be careful on line. good luck and happy house hunting.

2. gofrfkim on October 3rd, 2008 9:18 pm

   Yes, be careful when applying for a mortgage online. When you deal with the “lendingtrees” and such, what they do is give your social out to each and every lender they have and each one runs a credit report. There are a few ways to avoid this happening:
   1. Go to a wholesale mortgage broker (http://www.gofrf.com) that can shop your loan over an online network using a single credit report, and you deal with REAL loan officers! Not just telemarketers in a boiler room. Then get back numerous quotes. This will allow you to get the best loan without ruining your score by shopping.
   2. Get a free credit report and submit this to lenders yourself. The problem with this though, is that a lot of the times, they will not accept it. They want one of their own.

   Also, PROTECT YOUR IDENTITY! Be sure to check the Real Estate License Status of any unfamiliar broker or lender you give your social to! If you have more questions, please fell free to IM or E-mail me. I am a licensed Real Estate Professional.

3. Janet P on October 5th, 2008 10:43 am

   Don’t trust spammers. You certainly don’t want to apply for a loan with them, you have to disclose sensitive information to someone you has already demonstrated a lack of ethics. (no spamming allowed here)

   There is more to it then any online gadget can callucualte, and much of it is local (taxes). Ask for a pre-approval at a bank or mortgage company. You will get not only an exact amount, but will be ready to shop.

   You may end up in a condo. I started with a little 2 bedroom house. It is an investment, your income tax savings will make it possible to buy up later. Don’t worry about getting the dream home now.

4. Home Loan Guru on October 8th, 2008 7:49 am

   Don’t worry too much about what a mortgage calculator gave you as an answer. While I can tell you that Quicken Loans calculators will give you a great answer with as much information as you input, the real story lies with several factors that you need to discuss with a mortgage professional.

   First, a calculator can’t know your credit score. This is very important in getting a mortgage. Also, there are other several other variables that can affect how much you can borrow such as (this is just a small example):

   *length of employment history
   *assets (the things and money you have now)
   *history of bankruptcy
   *retirement savings you may have

   I’ve never seen a mortgage calculator that asks for that information, and each can affect what you qualify for.

   My advice is to get in touch with a trusted mortgage professional that can give you an honest and full review of what you qualify for. If you aren’t sure who to work with, try the most time-honored tradtion. Ask people you trust!

   Your family and friends are probably the best resourse you’ll ever have for finding a mortgage professional that will give you the best possible deal. I can tell you first hand that at Quicken Loans, referrals are a huge part of our business.

   So don’t worry what a mortgage calculator tells you. A mortgage calculator is only a research tool to get you an idea of what you might be able to qualify for. Although they usually are great and I recommend them to my friends, they aren’t the final word.

   The final word is a trusted and qualified mortgage professional that will get you exactly what you qualify for.

   Good luck and don’t worry too much!

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