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Making the most of a house-hunting trip
By Arnold Kling
For some people, looking at open houses is a fun, leisure-time activity. Checking out what is available can be an entertaining way to spend an afternoon.
However, when you are relocating to a new city, a much more business-like approach is appropriate. You may have to complete your research and come to a decision in the space of one or two weekends. The secret to a successful house-hunting trip is to be as informed and organized as possible before you go.
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Qualification Calculator
Summary: This article explains the mortgage qualification process by describing the calculations that lenders typically make in determining how large a mortgage loan you can afford. First, it describes the requirement for a minimum down payment. Next, it explains the ratios used to factor in your income and monthly debts.
Related Resources: Qualification Calculator, Mortgage Payment Calculator
Down payment
Our qualification calculator makes two separate calculations. This section describes the calculation that relates to the down payment. The next section looks at the calculation related to income.
We start by assuming a minimum down payment of 3 percent, and that your savings funds will have to cover closing costs as well as the down payment. You can override the default requirement of a 3 percent down payment when you recalculate. As recently as early 1998, a minimum requirement of 5 percent was more common.
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