Upon completing mortgage application review, you will be given an amount in which you can afford. Usually sales price of home is based upon 3½ times your annual income. It is also equivalent to percentage of debt to income ration determined by FHA (Federal Housing Authority). Should you meet these guidelines you will be given a green light to go and look for a house in this range. You may be able to afford more should you have a sizeable deposit. There are also programs that you can use to get into a house with only 3% down. Some lenders ask that you fill out home loan application in person rather than online so that they can answer any questions during process.

Using dealership financing

You may be pressed for time and have credit issues that make it difficult to get qualified at a bank. Your best option should you be able to get a car loan is read fine print. You should know exact dollar amount you are paying before you sign a sheet of paper. Dealerships can be sneaky and try to extend life of a loan at a certain payment to get you interested. Should you only want to pay $200 per month, car loan for five years would be $12,000. A dealership will try to finance deal to go to six, seven and even eight years in length! That would mean a car that would cost $ 12,000 could run up to $19,200. The downside to longer payments is that cars value could be worthless by time it comes to buying another vehicle.