How much mortgage can I afford?

At Whizango, we’re all about transparency. Every customer we encounter has different circumstances, finances, and goals. That is why it is so important to have an expert on your side. Someone who gives you options on how to structure your loan, evaluates ways to lower your payment, and is committed to making sure your financing structure is the difference-maker in the offer that gets selected. Get connected with our team of experts and learn how Whizango can give you more options with less out of pocket, and close in weeks. It only takes 15 minutes. Click the SCHEDULE A CALL button to reserve an appointment at a time that is most convenient for you.

Until then, lets walk through some rough calculations together to give you a better understanding of affordability. A good rule of thumb is using our RULE OF 35, which states that you shouldn't spend more than 35% of your gross monthly income on total debts, including your mortgage, credit cards and other loans like auto and student loans. This can help you eliminate debt strategically by lowering your debt-to-income (DTI), free up cash, create new income streams, lower your tax liability, and invest.

A Whizango Advisor can help you understand what you can comfortably afford on a monthly basis. Book a no-obligation 15-minute strategy session here.

What is private mortgage insurance (PMI) and how does it benefit me?

PMI or Private Mortgage Insurance is provided by a private company to protect the mortgage lender against losses that might be incurred if a loan defaults.

There are several components that impact what your monthly mortgage insurance payments will be if you’re not making a 20% down payment. For example, a 5% down payment will likely have a higher monthly PMI payment as compared to 10% down or even 15% down.

Additionally, your credit score, loan type, and number of borrowers can also affect how much your monthly PMI will be. Some loans don’t even have PMI! The best way to know for sure is to contact a loan expert for more information at 713-554-0899.

When should I start the approval process?

Are you ready to start house-shopping? Then, you’re ready to get pre-approved for a loan. The mortgage loan process can seem daunting, especially if you’re a first-time home buyer. Luckily, you don’t have to do it alone. Our team of expert Advisors at Whizango are committed to doing to heavy lifting to help ensure a smooth loan approval process.

At Whizango, we help you get approved for your mortgage loan while providing strategic advice in a way that maximizes your savings and strengthens your financial wellbeing. The first step is to get a pre-approval letter from one of our experts. This letter shows how much money you are qualified to borrow, based on your savings, credit, and income. You’ll want to do this before you make an offer on a house.

Additionally, our Instant Prequalification Technology allows you to see if you are qualified to buy a home without affecting your credit score. This is a soft check of your financial profile. ​ Just enter your name, address, phone number, and email and instantly see your results without ever having to pick up the phone. Get started here.

How long will it take to close my loan?

Getting pre-approved for a mortgage can literally take minutes if you're talking to the right folks (like us!). Our Instant Prequalify Technology allows you to see if you are qualified to buy a home without affecting your credit score. This is a soft check of your financial profile. ​ Just enter your name, address, phone number, and email and instantly see your results without ever having to pick up the phone. Get started here.

The entire mortgage process can take anywhere from 10-40 business days. Everyone’s situation is different and circumstances can vary, which is why you need an expert Advisor to help guide you through the process. Our streamlined process aims to help you close in 15 days or less when possible. Closing in half the time as most lenders is a competitive advantage for you in this tight market. But, as with any race, you not only have to be quick, you have to be accurate. Our expert Advisors follow a precise plan of action that gets your loan closed on time - in less time.

How can I get the lowest interest rate?

By looking at your options. By shopping the market. By being fast, efficient, and effective. You are different than other applicants and your loan structure should reflect that diversity. Before meeting with a Lender, understand your personal situation more completely.

  • What other loans do you have outstanding?
  • What are your interest rates on those loans?
  • What does your credit card debt look like?
These all factor together to create a structure that best matches your needs.

Next, focus on comparing your mortgage rate to your loan size.

Finally, amortize that year-over-year. You can literally save thousands. It’s that simple! 70% of Americans today are paying too much interest their home loan.

Don’t overpay.

Don’t become another statistic.

Don’t leave money on the table.

According to the U.S. Consumer Financial Protection Bureau’s (CFPB)’s 2018 Mortgage Shopping study, “Mortgage interest rates and loan terms can vary considerably across lenders. Despite this fact, many homebuyers do not comparison shop for their mortgages. In recent studies, more than 30% of borrowers reported not comparison shopping for their mortgage, and more than 75% of borrowers reported applying for a mortgage with only one lender.”

The question is, how do you find the time to apply with multiple lenders? It’s not a quick, simple process, requiring 150+ pages per paper application. You have to go through multiple steps with each lender and submit a lot of information to obtain a quote. It takes time, organization, and patience.

Is there an easier way?

There is! Whizango is a mortgage broker that does shops the market for you! Our team does the "heavy lifting" to ensure that you achieve maximum success with the best rates for your family. Our team of experts will weigh all the options with you, side-by-side. Our team is committed to helping you shop for, choose, and close your mortgage with confidence and clarity.