BUYING A HOME ... ANY ADVICE WILL BE HELPFUL ...

Hello Everyone!

My FI and I are just starting to look into buying a home. We want to get pre approved this week. What do we need to bring with us when we go to the bank? When they pre approve us will they tellu s how much we can afford? and estimate our monthly MTG payments? FI and I are both teachers bring home only $120k a year not inlcuding our summer jobs and tutoring gigs. We have no idea what price range we can afford or if our dream of owning a home is possible. Also, what is the going interest rate?

ANY HELP WOULD BE GREATLY APPRECIATED !! THANK YOU!

Re: BUYING A HOME ... ANY ADVICE WILL BE HELPFUL ...

first thing you should do is talk with a mortgage broker or banker and he or she will ask you all kinds of questions... he or she will help you to figure out what you can afford. After you decide on how much you want your monthly payments to be, you can get pre-approved for a mortgage amount that will bring you to those monthly payments. The banks don't care about the total amt, they care if you can make the payments each month.
If you need a recommendation for a broker, I have a great one.

Re: BUYING A HOME ... ANY ADVICE WILL BE HELPFUL ...

I would also speak to someone at the long island housing authority because maybe they can help and from what everyone says about them on here they are very very helpful. Some brokers will not pre-approve you until you find a house. Good luck and happy house hunting