Loan Approval vs. Loan Pre-Approval

Now that you have created your list of amenities you want in your new home, are you ready to start searching?  Well, not quite. You will need to know what price range you can afford. There are two ways to go about this: You can either get pre-qualified, or pre-approved for a mortgage. Whichever you choose, you will need to contact a dependable mortgage company. At Family Mortgage of Georgia, we offer fast, FREE pre-approvals.

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Debt to Income Ratios

Home Mortgage QualificationThere are two ratios that a lender will be interested in; 1) your housing ratio, also known as your “front end ratio,” and 2) your debt-to-income ratio, also known as your “back end ratio.”

The housing ratio is your gross monthly income (your income before taxes are deducted) divided by your total housing payment. Your total housing payment ...

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