Reduce your monthly debt. Paying off credit cards or other loans, especially with the highest minimum monthly payment, will improve your debt-to-income ratio. This increases how much you can qualify for.

The price of a home is different from what you can afford due to the down payment. Affordability is based on the maximum monthly payment you can manage, considering your income and existing debt. However, the home's purchase price also depends on how much you can contribute upfront. For example, if you qualify for a loan of up to $400,000 and have $80,000 saved for a down payment, you may be able to purchase a home for $480,000, depending on transaction fees.

Increase your down payment. Down payments may include gifts from family members, retirement accounts, like IRA, 401(k), or stocks, and public sources such as down payment assistance (DPA's). We have access to DPA programs, just ask a Loan Advisor.

Pay off debt. Paying off debt often increases the amount you can pre-qualify for even greater than increasing your down payment because it frees-up more of your monthly income being used to qualify. Instead of using gift funds for the down payment, ask us if you can apply it towards debt payoff.

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Increase your income. Increasing your qualifying income either by finding a higher paying job, reducing business expenses (for self-employed), or by getting a co-signer, are also effective for increasing the amount you can pre-qualify for.

As shown in our Home Price Estimator, interest rates absolutely have an effect on your affordability. The lower the rate, the lower the payment. You can reduce the interest rate by opting to pay points. This is where you pay the lender for a below-market (or discounted) interest rate, thus where the term "discount points" came from. You can also apply seller credits to these rate buy-down features.

Stay Ahead with a Rate Alert! If current mortgage rates aren’t quite where you need them to be, our Rate Alert feature has you covered. We’ll automatically notify you when your desired rate becomes available, or, if you prefer, we can provide regular updates to keep you informed. Simply click the button below to set it up and never miss an opportunity!