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It is important to establish this before you make an offer
on the property to save wasting time and to avoid disappointment.
In fact, any offer on a property shall be made subject to approval
of mortgage in order to avoiding losing the deposit.
Most lenders work on income multiples in determining how much you
can borrow. As a rule of thumb, lenders in will be looking for earnings
per month at least three times that of the monthly repayment. Additional
income such as overtime, bonuses or commission, depending on their
permanency and regularity, may also be taken into account.
The next sensible step is to be "pre-approved"-- meaning
a lender reviews your financial condition and believes you can qualify
for a particular loan. If not yet pre-approved, it's best to first
examine your finances to make sure you have enough money for a down
payment and that your overall finances, especially credit, are in
optimal condition.
Greg and Marisa can help you become pre-approved.
For additional help check out the Monthly
Housing Payment Calculator, Calculating
Total Interest Paid on Loan, Calculating
Capital Gains, 1031
Exchange 45/180 Day Calculator, in our resource
library.
Specific Property Search - Have
Greg and Marisa do the searching for you - its free, its fun
and its easy.
Search the Entire San Diego Multiple
Listing Service - for available Homes and Investment Properties.
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