¿Qué vivienda puede comprar?
Hipoteca de vivienda: ¿qué vivienda puede comprar?
Piense en todos los costos para comprar una vivienda de modo que pueda tomar una buena decisión sobre el precio de compra.
[MUSIC PLAYING] INTERVIEWER: Home ownership planning starts before you submit your personal information for a mortgage loan. Taking a close look at the total cost of home ownership before you begin your search will help you determine how much you can truly afford. A key factor for loan approval is your loan to value ratio or LTV. Basically, LTV tells a lender how much money you can put down versus how much you need to borrow. You won't always need a 20% down payment to get a mortgage.
However, when your down payment is less than 20%, there are additional expenses to consider. For example, let's say the home you'd like to buy has a sale price of $150,000. And you've saved $30,000 for a down payment. This means you're asking a lender to loan you $120,000 toward the purchase of the home. To determine your LTV, divide the loan value of $120,000 by the sales price of the home, which is $150,000. In this example, your LTV is 80%.
Before making a decision on whether to approve your loan, the lender performs a careful review of your income, assets, credit history, and LTV. The higher your loan to value ratio, the more risky it is for a lender to loan you money. It's important to have a savings account to cover the cost of upfront expenses, such as earnest money deposit, appraisal fee, and home inspection fees. Your lender will help explain the various costs involved. Ask your lender about low down payment options and down payment assistance programs.
As you look for your dream home, the sale price isn't your only cost. The true cost of home ownership also includes taxes, insurance, utility bills, and homeowner's dues, as well as any needed repairs or renovations and ongoing maintenance. Be sure to factor in all costs to see how much money you really need, and adjust your budget and expectations accordingly.
When you're ready to prequalify for a mortgage loan, return to BBT.com/mortgage to select an experienced BB&T mortgage loan professional. They'll assist you with prequalifying and begin your mortgage process. Your mortgage loan professional works closely with you throughout the mortgage process, all the way to closing.
At BB&T, we provide a positive mortgage loan experience with easy-to-follow instructions and clear communication to make your dream home a reality. Visit BBT.com/mortgage to get started.
Los préstamos, líneas de crédito y tarjetas de crédito están sujetos a aprobación de crédito.
Todos los profesionales hipotecarios de BB&T están inscritos en el Sistema y registro nacional de licencias para hipotecas (NMLS), que promueve la uniformidad y la transparencia en la industria de inmuebles residenciales. Consulte el registro del NMLS.
Branch Banking and Trust Company es un Prestamista de Vivienda Igualitaria.