Clients call about a new home purchase, and the question is always the same:
Based on the Qualified Mortgage (QM) rules, I can answer for how much you, as a borrower, can get approved to purchase a house, by plugging in the numbers into a set formula.
But a better question is: How much can you TRULY afford?
That answer steps outside of the Qualified Mortgage (QM) rules because only you can establish what other financial obligations and future plans will impact your budget. Should ANY mortgage originator answer that I personally feel they are out of bounds, and infringe on the integrity of our industry. To get those answers you should consult a Certified Financial Planner (CFP), and Certified Public Accountant (CPA).
At Topaz Mortgage, we can provide you our exact closing cost, our best interest rate without pulling your credit report. We then invite you to shop around with other Banks, Lenders, and Brokers. Call Todd LaBorwit directly at 301-637-8054 to get started. Also learn more at www.WhyTopaz.com