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Getting
a home loan might seem confusing or complex, but the
process can be broken down into easily understood steps.
For a better understanding of what's involved, please
click on one of the topics illustrated on the Loan
Process homepage.
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Qualifying
is the first step in the loan process. This is where
you get a better financial idea of how much home you
can afford and how much it will cost you on a monthly
basis. There are two basic approaches to qualifying:
finding what you can afford, and pre-qualifying...
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Before
you start looking for that perfect new dream home, you
need to figure out what you can afford. Getting a realistic
price depends on many factors, including how much money
you have, the money you owe, and current mortgage interest
rates.
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Progressive
Loan is here to help. Using the calculator linked
below, all you have to do to find out what you can
afford is type in some basic information. The calculator
will evaluate your income and debt based on some general
lending guidelines.
Then,
by inputting the interest rate, the dollar amount
you have available for your down payment and closing
costs, and the term you've selected for the loan,
it will estimate the maximum purchase price you can
afford and what your monthly mortgage payments might
be.
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Just
click below to calculate what you can afford...
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Our
mortgage qualifying calculator can also give you
an idea of how much money you may be able to borrow
based on a specific property you've already found,
or the total amount by which you choose to limit
your monthly mortgage payments. Lenders call this
type of preparation "pre-qualifying."
All
you have to do to determine if you pre-qualify
is key some basic information into the calculator
linked below. You can experiment by listing various
home prices and monthly mortgage payments to see
how much you can borrow.
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PLEASE
NOTE... Pre-qualification is neither pre-approval
nor a commitment to lend; you must submit additional
information for review and approval. Pre-qualification
results are approximate calculations and are just
guidelines based upon assumptions. The assumption
may be different in your case and, as a result,
your calculations may vary.
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To
see if you prequalify, just click below...
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Click
below to move on to the next step, "Pre-Approval,"
or to return to the initial Loan Process page.
You can also apply or inquire with Progressive
Loan...
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If you have any questions, please feel free to
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call
us at 1-800-883-4444, or e-mail us at
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Realtors
Find a Loan Qualify
First Steps Success
Apply or Inquire
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