PreQualification ·

PreQualification

PreQualification Calculator

To get a sense of how much you may be able to borrow, fill in the form below and click on the calculate button. Please note that prequalification is different from a preapproval. Prequalification gives you an estimate of how much you may be able to borrow. Preapproval, on the other hand, indicates that you have been approved for a set loan amount prior to property selection.

Pre-qualification is the first step in determining your ability to commit to a mortgage loan. Begin here by entering your information below:

Notes:

  1. Purchase Price: Value of home to buy.
  2. Down Payment: Amount given to bank upon getting loan.
  3. Term: Amount of time to payoff the loan.
  4. Interest Rate: Current market pricing, varies day to day. (Approx 4% currently. You’ll want to check your credit, as this affects the Interest Rates available to you).
  5. Property Tax: Amount charged by local area in taxes per year.
  6. PMI: Mortgage insurance. Standard rate is filled in.
  7. Property Insurance: Amount for yearly insurance on home.

WITHOUT these figures, you’ll get a VERY POOR indication of your rates, which will NOT payoff. If you’re expecting to get a loan through PennFirst Mortgages, please use THIS calculator with the proper information as best as you can.