How much can I borrow in a mortgage?
“How much can I borrow on my mortgage?” That’s the question every potential home buyer wants to know.
The answer depends on several things. For starters, how much you can borrow in a mortgage depends a great deal on your income, your credit history, your credit score and the amount of cash you have to apply for a down payment.
But the answer to “How much can I borrow on a mortgage?” also depends on the type of property you’re purchasing and the kind of mortgage program you choose — and that’s where the mortgage specialists at eLEND can help.
As a leading mortgage provider, eLEND offers access to a wide variety of mortgage programs as well as a team of highly trained mortgage consultants who can answer questions like “How much can I borrow on a mortgage?,” “How much house can I afford?” and “Which mortgage program is right for me?”
With in-depth knowledge of all the mortgage programs available to you, your eLEND consultant can offer valuable mortgage advice and use a home loan eligibility calculator to help you find the best mortgage program and mortgage rates for your financial situation.
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How much can I borrow with different mortgage programs?
Certain mortgage programs enable borrowers to take out a larger mortgage than others. An adjustable rate mortgage (ARM), for example, may make it possible for you to borrow more money than a fixed rate program, thanks to the ARM’s low initial mortgage rate. Government-backed loans like VA loans, USDA loans and FHA loans may also allow certain borrowers to get a larger mortgage than commercial mortgage programs.
How much can I borrow on a mortgage for a vacation home?
“How much can I borrow in a mortgage for my vacation property?” The answer is, most likely, not as much as you can borrow for your primary residence. That’s because mortgage lenders want to know you can afford both properties and that you have enough in savings to cover several months’ worth of expenses on both homes.
How much can I borrow to refinance a mortgage?
Whenever mortgage rates drop, existing homeowners want to know “How much can I borrow if I refinance my mortgage?” That answer again depends on several factors, including income, credit score and credit history. The amount you can borrow for a refinance also depends on the purpose for refinancing, which may include locking in lower interest rates, lowering your monthly payment, consolidating debt or borrowing against the equity in your home to get cash out for other purposes.
Learn more about answering the question “How much can I borrow on a mortgage?” with help from eLEND, and about how to determine your home loan eligibility for a low money down or zero down mortgage. And get the latest information on 30 year and 15 year mortgage rates.