Looking to buy your first home? Are you already a homeowner that is considering a refinance or investment property?
No matter what your goal is, preparation will be key to getting what you want with minimal resistance. We’ve shared some tips on how to save for a down payment in the past. Part of setting yourself up to save for a down payment is estimating the amount of a mortgage you can qualify for. Figuring that out is easy when you use Lyons’ Prequalification Calculator.
How to use the Prequalification Calculator
Gross monthly income: Enter the amount of gross income you earn on a monthly basis. If you are self-employed, receiving commission, bonuses, 1099 income, etc., call us and we can help: (800) 448-8101
Monthly Debt/Payments: Enter the amount of money you pay each month toward debt obligations. You don’t need to include any installment loans that you will pay off in 10 months or less. The only exception is a car lease, which is always included in monthly debt calculations.
Loan Terms You Desire
Interest Rate %: The amount of interest the loan will cost you based on the loan amortization.
Click here to see today’s conventional interest rates.
Term: On all our conventional loans, we offer terms from 10, 15, 20, 25, and 30 years. Shorter loan terms have lower interest rates but higher monthly payments.
Click here to help you decide between a 15 and a 30-year mortgage.
Down payment (% of Sale Price): The amount of money you put down toward the purchase price of the property. Different types of loans require different down payments.
Expected Taxes & Insurance
Don’t know what your property taxes and insurance will be? You can estimate real estate taxes and insurance by asking your realtor. There are online resources like Redfin that can give you estimates. Also, cities and local municipalities offer public information about particular houses. You can always ask one of our Loan Officers to help you estimate these costs as well.
After clicking Calculate, you will get conservative and aggressive estimates for what you qualify for.
We urge you to use this tool to help you set your goals. If you have any questions about this or any of our other resources, one of our Loan Officers will be happy to assist you.