Loan Pre-Qualification Calculator
Calculate your approximate max loan and purchase price using your income, debts, tax and insurance costs.
Determining how much you can realistically afford to borrow before you start looking at homes to purchase will help you avoid falling in love with a home that falls just out of reach financially. Use the calculator below to get a good idea of a price range that works. At the same time, make sure the total monthly payment looks comfortable for you too. Tax and insurance costs will vary from place to place, so be sure to adjust those appropriately. Reach out if you’d like help.
Pre-Qualification vs. Pre-Approval
Pre-qualification assesses how much money you can borrow before applying for a home loan. Your loan officer quickly analyzes your income, assets, and credit to determine your likely loan amount and the best loan program for you. This helps you focus on homes within your price range and find your ideal home faster.
Before submitting an offer on a home, you’ll likely be required to get pre-approved. This means a lender has checked your credit, verified your information and approved you for up to a specific loan amount for a period of up to 90 days. In essence, pre-qualification is a rough estimate, while pre-approval is a firm commitment from a lender.
Select Lending Services™ is an equal opportunity lender, NMLS ID# 2027853 (http://www.nmlsconsumeraccess.org). Licensed by the Oregon Division of Financial Regulation #ML-2027853. Licensed by the Washington Department of Financial Institutions under the Consumer Loan Act No. CL-2027853. CO Mortgage Company Registration License No. 2027853 Texas – SML Mortgage Company License, state issues no license number. Licensed by the Virginia State Corporation Commission #MC-7823 To verify our complete list of state licenses, please visit https://selectlendingservices.com/corporate/licensing