Mortgage Mike Helps | Getting My Buyer Preapproved - THE PROCESS
Link to YouTube Video Episode: https://youtu.be/rV_UuQW2Gzo
BEFORE you buy a house you must get qualified but BEFORE you search for a house you need a Pre-Qualification so that you are Pre-Qualified.
You can't even think of putting an offer on a house in unless you have some sense that you can:
1. Finance it, and
2. Afford it
The Pre-Qual process (short for Pre-Qualification Process) is the path to knowing what you need to know to be able to shop confidently and honestly. Mike Riley distills this for you so you can ask the right questions of your mortgage broker. Mike's here in Florida for you if you're searching anywhere here. If not, a qualified broker (ask for references if you don't know him or her) will be able to guide you well.
For more expert mortgage tips, visit mortgagemikehelps.com
Subscribe for the latest videos from Mortgage Mike Helps on Youtube @rileyteammortgageloans
0:00 – Intro: Meet Mike Riley
0:08 – How Pre-Qualification Works
0:23 – Understanding Gross Monthly Income
0:52 – Mortgage Qualification Based on Debt Ratio
1:19 – What Counts Toward Debt
1:59 – Credit Cards: It's About the Minimum Payment
2:13 – A Realistic Scenario Breakdown
2:30 – The Quick Formula for Buyers
2:46 – Wrap-Up: Use This as a Rule of Thumb
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