Know what you can afford before you start looking. Get pre-approved with Honest Rate.
Choosing a home loan is a big step. There are many loan types. Rates and terms can also differ from one lender to the next. As a result, it is hard to know where to start.
We can help. We explain your choices in plain words, and we compare options for you. Whether you are a first-time buyer or a repeat buyer, we can help you find a fit.
A pre-approval is a letter from a lender. It shows how much they may lend you, based on a review of your credit, income, and assets. Sellers and agents often want to see one before they take an offer seriously.
Getting pre-approved also helps you. It shows you a price range before you fall in love with a home. In addition, it can speed things up once you find the right one.
Here is how it works:
Every buyer is different. So, the right loan depends on your credit, savings, and plans. Here are the main types we offer:
Not sure which one to pick? That is fine. We can compare several for you.
Lenders look at the full picture. First, they review your credit history. Next, they check your income and work history. They also look at your savings and your down payment.
One key item is your debt-to-income ratio, or DTI. It compares your monthly debt payments to your monthly income. In simple terms, it shows how much of your income goes to bills. A lower DTI is usually better.
Limits differ by loan type and lender. For example, FHA and VA loans may allow a higher DTI in some cases. So, ask us how your numbers look.
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It depends on your income, debts, savings, and credit. To get a quick idea, try our home affordability calculator. Then, talk with us for a closer look.
A pre-qualification is a quick estimate. In contrast, a pre-approval is a deeper review of your finances, so it carries more weight with sellers.
Lenders often ask for pay stubs, tax documents, bank statements, and ID. Self-employed buyers may need different papers. Ask us what applies to you.
It depends on the loan. Some loans allow a low down payment. Others ask for more. We can show you what fits your budget.
That depends on your plans, budget, and how long you expect to stay. To compare, try our rent vs. buy calculator.
Yes, some loans allow it. For example, a DSCR loan is made for investors. We can help you compare.
Buying a home is a big decision. That is why we give clear answers and simple options. As a mortgage broker, we can compare more than one path for you. Start your pre-approval today. Then, take the next step toward your new home.
Lenders look at your debt-to-income ratio, or DTI. It compares your monthly debt payments to your monthly income. In simple terms, it shows how much of your income goes to bills.
A lower DTI is usually better. Even so, limits differ by lender and loan type. For example, FHA and VA loans may allow a higher DTI in some cases. Ask us how your numbers look.
