What Mortgage Can I Get?

Maybe you’re moving out of your parents’ home, graduating college, or preparing to start a family and you need a home. If it’s time for you to buy your own house, you should know that getting a mortgage to finance your investment is probably your only option.  If you’re lucky enough to inherit a small fortune or get help from your parents and pay for a house in full, you should probably skip this article. However, if getting a house loan sounds more like something that you would do in order to make your dream come true, here is some important information that might help you answer to the question that has been on your mind for awhile now: how much mortgage can you get?

The answer depends on several factors, such as the amount you earn, the actual value of the house you are interested in buying or the mortgage lender’s opinion concerning the amount he believes you are entitled to afford.

Firstly, learn the general rule: you can hope for a mortgage that is up to three and a half times your annual earnings. Now, depending on the experience and professionalism of your mortgage broker, you can even get up to four times your annual earnings. Of course, if we are speaking in terms of a couple going after a mortgage, the situation is slightly different: they can either get up to two and a half times both of their annual incomes, or they can get up to three to three and a half times the greater income, in addition to one year of their second income. Of course, other factors such as the number of family members and their ages can make a huge difference in the decision-making process regarding the mortgage one can get. The great news is the Internet is full of specialized websites offering individual or couple’s calculators that enable people to determine the exact mortgage amount they are entitled to borrow.   

Another great option is to contact a mortgage advisor who has some great relations with some good lenders and who you trust will do everything is his power to get you the biggest mortgage amount you could hope for. In addition to this, he or she can give you some really great advice concerning the loan you’re looking for. This is a great way to get more information and to avoid falling into the pitfalls or being taken advantage of by scammers while you’re searching for a loan. A mortgage advisor can be a great asset to you as you search for a loan.

Of course, you can also get up to 75 percent of the property’s value, but 90, 95 or 100 percent are not uncommon values either. Knowing what to expect can help prepare you for a meeting with a lender, or several lenders, so you can shop