Home Loan Process - Find Out How Much You Can Borrow

Choosing the right home loan for your needs starts with finding out how much you can expect to borrow. This is especially important if you are shopping for a new home, since this will determine which price range of homes you will be able to afford. Or, if you want to tap into your home equity by refinancing or getting a second mortgage, this can determine how much cash you can get from the loan.

How much can I borrow?

Your maximum loan amount depends on many factors, including:

• How much you can afford for monthly payments based on current income and debts.
• The appraised value of the property.
• The amount of equity in your home, if you're refinancing.
• How much money you have available for closing costs and a down payment (for a home purchase loan).
• Your credit history.

Before you take the time to complete a home loan application, there are quick ways to get an estimate of how much you could borrow:

• Use our easy Monthly P&I Payment Calculator to estimate how much you can afford.
• Use our Online Pre-Qualification to find out if you pre- qualify.
• Call one of our Home Loan Consultants for a free loan consultation at 1-800-909-8217.

At Countrywide Bank’s Full Spectrum Lending Division, we look to find ways to offer you the right loan at the right time. With our huge selection of loans and flexible loan programs, we may be able to assist you even when other companies could not. For example, some people who are self-employed have difficulty qualifying for a loan since they can’t easily document their income. We have loan programs for the self-employed borrower as well as the salaried worker, the borrower with less-than-perfect credit and the person whose credit is spotless.

So, once you’ve used these home loan calculators and tools to get a rough idea of how much you could borrow, why not give us a call to set the application process in motion? Call 1-800-909-8217 today. Countrywide’s Home Loan Consultants can help you select the right loan product and guide you through the application process…painlessly.