• You can go online and get a basic pre-approval for a loan for free. The lender will look at your existing debts as well as your payment history and income to determine what is a reasonable risk for them to loan. The higher the risk--the higher the interest rate--and the lower the amount of money you can borrow.
  • Typically, a lender will look at your debt-to-income ratio. ALso, the combined gross income of those who would be on the loan is a factor. Besides that, they calculate what the payments would be (PITI) and it cannot be over 1/3 of your gross monthly income. Hope this helps!

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