MDA 2022 STATEMENT OF OWNERSHIP
Dentist Mortgage CONTINUED FROM PAGE 24
ASK HOW MUCH YOU CAN AFFORD
The most straightforward (and realistic) way to learn how much you can afford is to get prequalified with a mortgage lender. A prequalified offer gives you an estimate of what you can borrow, providing a maximum borrowing amount based on your annual household income, expected down payment, credit history and estimates for property taxes and homeowners’ insurance.
Many home buyers use a mortgage prequali- fication to confidently extend offers on a desired property, knowing they’ll likely be approved for home financing. If you want to understand what you can truly afford and avoid the guesswork, talking to a reputable lender and getting prequalified is a great way to help you shop for a home confidently and stay within your budget.
DO YOU WANT TO GUESS OR ARE YOU READY TO KNOW?
The 28% Income Rule combined with what you can afford in a down payment can be a good way to approximate your monthly mort- gage budget and find neighborhoods match- ing your price window. But when you start to seriously hit the open houses, you’ll want the certainty of a prequalified mortgage. Not only will it help you craft a competitive offer, but it also helps you understand your limits because your offer will be backed by your lender.
While the comforts of a new house are many, finding a price that comfortably fits within your budget is essential in finding your home. Visit
laurelroad.com/partnerships/ada to learn more about the unique advantages of a Dentist Mortgage and the quarter percent ADA member interest rate discount from Laurel Road. Shop rates and get prequalified!
This article was written by Eileen Derks, Head of Mortgage at Laurel Road, carries more than 25 years of experience in the financial services industry. Prior to joining Laurel Road, she held strategic leadership roles in product management, sales management, knowledge management, operations and marketing for industry leaders like Citigroup, PHH, National City and PNC.
ISSUE 5 | SEP/OCT 2022 | focus 31
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