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Get Pre-Approved for Your Mortgage in Three Easy Steps

  • 1Property Info
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Mortgage Type
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LENDER INFO
FREEandCLEAR[LENDER NAME] will contact you shortly to complete the pre-approval process
FREEandCLEARThe lender will review your credit score and request selected financial information to finalize your pre-approval
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By clicking "GET FREE QUOTES," you authorize selected lenders and FREEandCLEAR to contact you using the information you provided. This authorization overrides any previous registrations on federal, state, or private Do Not Call registries or any private solicitation preference you previously expressed. You agree that lenders may use automatic dialing systems to make calls to any phone number entered, even to a cell phone or other service for which the called party is charged. You understand that consent is not a condition of purchase.
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Property Value
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FREEandCLEAR.comYour mortgage quote request has been sent to our lending partners and you should receive emails from multiple lenders shortly
FREEandCLEAR.comComparing proposals from multiple lenders is the best way to save money on your mortgage!
By clicking "GET FREE QUOTES," you authorize selected lenders and FREEandCLEAR to contact you using the information you provided. This authorization overrides any previous registrations on federal, state, or private Do Not Call registries or any private solicitation preference you previously expressed. You agree that lenders may use automatic dialing systems to make calls to any phone number entered, even to a cell phone or other service for which the called party is charged. You understand that consent is not a condition of purchase.
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Lender Mortgage Qualification Calculator
FREEandCLEAR Calculator

Calculate the Mortgage You Qualify For and Connect with Top Lenders

Use the FREEandCLEAR Lender Mortgage Qualification Calculator to determine what size mortgage you qualify for based on your gross income, debt and debt-to-income ratio.  When you submit your information we connect you with up to four leading lenders so that you can confirm your mortgage terms and compare multiple proposals to find the mortgage that is right for you.  We also offer a version of this calculator that does not require personal information

Inputs

Please provide Monthly GROSS Income

 
 
 
 
 
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When you provide valid personal info we may connect you with lenders which enables you to compare mortgage proposals and find the mortgage that is right for you. Click here for a version of this calculator that does not require personal info
 
 
By clicking "CALCULATE" you authorize selected lenders and FREEandCLEAR to contact you using the information you provided. This authorization overrides any previous registrations on federal, state, or private Do Not Call registries or any private solicitation preference you previously expressed. You agree that lenders may use automatic dialing systems to make calls to any phone number entered, even to a cell phone or other service for which the called party is charged. You understand that consent is not a condition of purchase.
Outputs
 
 
Includes estimated property tax and insurance. Property tax and insurance rates vary by state, county and property
 
 
 
 
 
The 43% Rule: lender guidelines typically allow you to spend a maximum of 43% of your GROSS monthly income on your combined monthly housing expense and other monthly debt such as credit card, auto and student loans
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Rate Details*
Loan Program:  
Monthly Payment:  
APR:  
Rate:  
Points  More Info:
Points: Fees you are willing to pay in order to get a lower interest rate. The number of points refers to the percentage of the loan amount that you would pay. For example, "2 points" means a charge of 2% of the loan amount.
 
Total Lender Fees:  
Loan type:  
Property Value:  
Loan to Value:  
Credit Rating:  
Date Submitted:  
Monthly Housing Payments
P & I More Info
Principal & Interest: A periodic payment, usually paid monthly, that includes the interest charges for the period plus an amount applied to the reduction of the principal balance.
Mortgage Insurance More Info
Mortgage Insurance: The monthly cost for a policy that protects the lender in case you’re unable to repay the full amount of the loan. It is typically required for loans that have a loan-to-value ratio between 80% to 100%.
(Estimated)
Property Tax More Info
Property Tax: (Also called "Real Estate Tax.") Property taxes are government assessments on real estate property. With mortgage financing, the local, county or state tax assessment on real estate property is considered part of the monthly housing obligation and typically collected and set aside by the lender ...
(Estimated)
Homeowner Insurance More Info
Homeowner Insurance: or also commonly called hazard insurance, is the type of property insurance that covers private homes. It is an insurance policy that combines various personal insurance protections, which can include losses occurring to one’s home, its contents, loss of its use, or loss of other personal possessions of the homeowner, as well as liability insurance for accidents that may happen at the home or at the hands of the homeowner within the policy territory.lender ...
(Estimated)
Homeowner Association Fee More Info
Homeowner Association fee: (HOA) fees are funds that are collected from homeowners in a condominium complex to obtain the income needed to pay (typically) for master insurance, exterior and interior (as appropriate) maintenance, landscaping, water, sewer, and garbage costs.
(If Any)
Total Monthly Housing Payments
Lender Fees
Points More Info
Points Fees you are willing to pay in order to get a lower interest rate. The number of points refers to the percentage of the loan amount that you would pay. For example, "2 points" means a charge of 2% of the loan amount.
Origination Fee More Info
Origination Charge: A loan origination charge is a fee charged by the lender for evaluating, processing, and closing the loan.
Credit Report Fee More Info
Credit Report Fee: Fee charged to obtain an applicant’s credit history prepared by one or all of the three major credit bureaus. Used by lender to determine the borrower’s creditworthiness.
Tax Service Fee More Info
Tax Service Fee: A fee charged by the lender to cover the cost of retaining a tax service agency. These agencies monitor the property tax payments on the property and report the results to the lender.
Processing Fee More Info
Processing Fee: A processing fee is a charge by the lender for clerical items associated with the loan. Examples of processing include loan set up, organization of loan conditions for underwriting, and preparing required disclosures for the borrower.
Underwriting Fee More Info
Underwriting Fee: A fee charged by the lender to verify information on the loan application, authenticate the property’s value, and perform a risk analysis on the overall loan package.
Wire Transfer Fee More Info
Wire Transfer Fee: In most cases lenders wire funds to escrow companies to fund a loan. Commercial banks that perform this function will charge the lender so the fee is generally passed on to the borrower.
(If Any)
FHA Upfront Premium More Info
FHA Upfront Premium: A fee paid in cash at the close of escrow or more commonly it is financed into the loan. These premiums are pooled together by the FHA and are used to insure the risk of borrower default on FHA loans. FHA upfront premiums are prorated over a five year period, meaning should the homeowner refinance or sell during the first five years of the loan, they are entitled to a partial refund of the FHA upfront premium paid at loan inception.
(If any)
VA funding Fee (If any)
Flood Fee
Other Fees More Info

Other fees could be either additional Administrative Fees that a lender charges or it could be a Flat Fee to cover all lender charges such as: (Origination Fees, Points, Underwriting and Processing Fees, Credit Reports and Tax Service Fees)

The flat fee does not include prepaid items and third party costs such as appraisal fees, recording fees, prepaid interest, property & transfer taxes, homeowners insurance, borrower’s attorney’s fees, private mortgage insurance premiums (if applicable), survey costs, title insurance and related services.

Total Lender Fees
*Actual rates and other information may vary. Sponsored results shown only include participating lenders. The information you enter on this page will only be shared with lenders you choose to contact, either by calling the phone number or requesting a quote.
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Data provided by Informa Research Services. Payments do not include amounts for taxes and insurance premiums. The actual payment obligation will be greater if taxes and insurance are included. Click here for more information on rates and product details.
While we pride ourselves on the quality and breadth of the FREEandCLEAR mortgage calculators please note that they should be used for informational purposes only. Our calculators rely on assumptions by us and inputs and assumptions provided by you, which may be inaccurate. The outputs from our calculators are estimates only and should not be used as the sole basis for making any financial decisions. Always consult multiple financial professionals when determining the mortgage size and program that is appropriate for you.

How Lenders Qualify You for a Mortgage

1

Borrower Debt-to-Income Ratio

Lenders use your debt-to-income ratio to determine what size mortgage you qualify for.  Your debt-to-income ratio represents the maximum amount of your monthly gross income that you can spend on total monthly housing expense (mortgage payment plus property tax, homeowners insurance and other applicable housing expenses) plus monthly debt payments such as car, student and credit card loans.  Lenders usually use a maximum borrower debt-to-income ratio of 43% to 45% to determine what size mortgage you qualify for, although some lenders and mortgage programs apply higher or lower ratios.  Borrowers with lower monthly debt payments can afford to spend more on their mortgage payment which enables them to qualify for a larger mortgage. On the other hand, borrowers with high monthly debt payments may find it challenging to qualify for a mortgage even if they have a high credit score and earn a decent monthly income.  Borrowers looking to maximize their mortgage amount should pay down their debt to improve their debt-to-income ratio before they apply for a mortgage.   

2

Ability to Repay the Loan

In addition to applying a maximum debt-to-income ratio, lenders are also required to demonstrate that borrowers have the ability to repay the loan according to specific government guidelines.  In short, lenders determine if a loan is a Qualified Mortgage (QM) according to the guidelines, which means the borrower can afford and payback the mortgage.  The guidelines also address lender fees, maximum mortgage length and prohibit loan features such as balloon payments and negative amortization -- when your mortgage balance can increase over the life of the loan.  Interest only mortgages are also not permitted according to the Qualified Mortgage guidelines.  It is important to highlight that some lenders offer mortgages that do not satisfy the Qualified Mortgage guidelines.  These mortgages, however, usually require borrowers to pay a higher mortgage rate or impose stricter qualification requirements.      

3

Borrower Credit Score

Lenders review your credit score and pull your credit report when you apply for a mortgage.  Lenders typically require that borrowers have a minimum credit score of 620 although certain mortgage programs permit lower scores.  Your credit score is also one of the inputs that lenders use to determine your mortgage rate, with the higher your score, the lower your interest rate.  Lenders review your credit report to determine if you have experienced any adverse credit events in the past such as a bankruptcy, short sale or foreclosure.  If you have experienced an adverse credit event, lenders require you to wait a certain period of time before applying for a mortgage.  FREEandCLEAR recommends that borrowers review their credit score and credit report six-to-twelve months prior to applying for a mortgage to resolve any issues in your credit profile.

4

Borrower Employment History

Unless you are a recent college graduate, lenders typically require that borrowers have two years of continuous employment history before you apply for a mortgage.  Borrowers with a break in their employment may be required to provide a written explanation for the gap although if you have extensive work experience in the same field the gap may be less of an issue.  Additionally, if you have changed jobs recently and your new job has an initial probation period the lender may wait until the end of the probation period before approving you for a mortgage.  Finally, lenders usually call your employer prior to your mortgage closing to verify your employment and make sure you are still working at the job you listed on your mortgage application.

5

Mortgage Qualification Guidelines Vary By Lender

It is important for borrowers to understand that mortgage qualification guidelines can vary by lender.  While most lenders use a similar set of qualification requirements, they have some discretion in developing and applying these requirements.  This is another reason why you should always contact multiple lenders when you shop for a mortgage.  Lenders may use different borrower qualification requirements which means one lender may decline your loan application while another lender approves it.  Although all lenders apply minimum borrower qualification standards, borrowers may need to apply to multiple lenders before being approved for their mortgage.     

More FREEandCLEAR Mortgage Resources

Mortgage Guides

Borrower Debt-to-Income Ratio Overview

Understand how lenders apply debt-to-income ratios to determine what size mortgage you qualify for and how you can improve your debt-to-income ratio before you apply for a mortgage

Resources

Mortgage Rates

Compare mortgage rates and fees from top lenders near you.  Comparing proposals from multiple lenders is the best way to find the mortgage that is right for you

Ask a Mortgage Expert

Ask an Expert

Got mortgage questions? We love answering them. Submit your mortgage questions and receive an informative response within 24 hours

Resources

Mortgage Qualification Guidelines

Review our comprehensive overview of mortgage qualification requirements before you apply for a mortgage

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Get Free Personalized Mortgage Quotes

First Name:
Last Name:
Phone Number:
Email:

My Mortgage Info

Mortgage Type
Credit Score
Loan Amount
Property Value
City
State
GET FREE Quotes
FREEandCLEAR.comThank you for submitting your information!
FREEandCLEAR.comYour mortgage quote request has been sent to our lending partners and you should receive emails from multiple lenders shortly
FREEandCLEAR.comComparing proposals from multiple lenders is the best way to save money on your mortgage!
By clicking "GET FREE QUOTES," you authorize selected lenders and FREEandCLEAR to contact you using the information you provided. This authorization overrides any previous registrations on federal, state, or private Do Not Call registries or any private solicitation preference you previously expressed. You agree that lenders may use automatic dialing systems to make calls to any phone number entered, even to a cell phone or other service for which the called party is charged. You understand that consent is not a condition of purchase.