Mortgage Prequalification Calculator Guide Available On LoanLove.com

SAN DIEGO, July 26, 2013 /PRNewswire-iReach/ -- LoanLove.com is a borrower advice website that provides detailed insights into the mortgage industry in a fun and entertaining way. The team at LoanLove.com is devoted to help empower both first time and experienced homeowners with valuable resources, first-class knowledge and connections to top-rated industry professionals and has the mission of helping consumers and borrowers to obtain the latest information on mortgage lending trends, the real estate market and the U.S. financial landscape in order to help them obtain a home loan that they will love. A recently posted article continues to offer information that can help home buyers to determine what amount they can qualify for before applying for a mortgage by utilizing a mortgage prequalification calculator.

The Loan Love article says: "Before you start shopping around for a home, it's a good idea to know what your price range is going to be. A lot of future homeowners find themselves asking the same question, "What size loan can I qualify for?" For a lot of would-be homeowners, the day their mortgage broker calls and tells them the amount they're prequalified for isn't always a unicorns-and-rainbows kinda moment; often the amount you can qualify for may not always align with what you feel you can – or want to – spend. To avoid that crestfallen feeling of disappointment, you might want to turn to that handy-dandy friend of all potential homebuyers: the loan prequalification calculator."

The article then goes on to explain that a prequalification calculator takes the borrower's personal financial information, including their current income, monthly payment obligations, property taxes and insurance, as well as other mortgage related information including the interest rate and the terms of the loan they are considering applying for, then crunches these numbers to show the would be borrower an estimate of the amount they would likely qualify for when applying for the mortgage. These calculators are simple to use and can help home buyers to get a good idea of what they can expect before they ever apply for the loan. However, the Loan Love article does come with a few words of caution. The article says:

"Now, just because you can be prequalified for a certain amount, that doesn't mean you have to use that amount; of course, paying less for a house is going to mean a lower monthly mortgage payment and that means more money for savings and just more breathing room in general in your budget. Ideally, when looking at the amount the mortgage company says you can spend, you also want to think about how much you're comfortable paying each month for your mortgage. To do that, you may want to consider upcoming purchases that could have an impact on your budget, like replacing an old car in a year or two or paying for your child's (or your own) tuition in the near future. You may also want to consider potential positive impacts on your income or budget, like paying off a car or other loan, finishing a degree or advancing in your career. But be forewarned: While these "what ifs" may be based on what feel like solid facts now, you never really know what the future is going to hold; so, in order to avoid getting in over your head, you shouldn't put a lot of emphasis on potential future increases in income."

For more information on how to "Find a loan you love!" visit LoanLove.com.
 

Media Contact:Kevin Blue, LoanLove.com, 949-292-8401, contact@loanlove.com

News distributed by PR Newswire iReach: https://ireach.prnewswire.com

SOURCE LoanLove.com