Too often, people get discouraged and confused by the home buying and mortgage process. At Geddes Federal Savings and Loan Association, we're different.
We're here to help answer all of your questions, and make the mortgage process as fast and easy as possible -- all while making sure you know all the important details so you can be confident that you're getting the best deal available.
"Went through Geddes Federal for my mortgage a few years ago and had a really good experience. They were easy to work with and they made the closing paperwork very simple, making it a quick and easy closing."
- Meredith, a satisfied Geddes Federal mortgage client
There Are Many Different Ways that People Ask "How Much Mortgage Can I Qualify For?"
Everyone is different. While many people ask "How much mortgage can I qualify for?" other popular ways to phrase this question include:
- "How much mortgage can I get?"
- "How much money do I need to buy a house?"
- "How much do you need to buy a house?"
- "How much mortgage can I get approved for?"
Geddes Federal Gets You Answers for Important Questions Like "How Much Mortgage Can I Qualify For?"
To answer the question "How much mortgage can I qualify for?" and others like it, you'll have to keep a few things in mind.
The dollar amount for a mortgage loan that you can qualify for depends on a few different factors.
Our Mortgage Calculator Can Help You Answer the Question "How Much Mortgage Can I Qualify For?"
Things to Consider When Trying to Answer the Question "How Much Mortgage Can I Qualify For?"
1). Annual Income
How much money you make plays an important role in how much mortgage you can qualify for.
Worried that your income isn't enough to qualify for a mortgage loan? Worry not -- we have a loan program just for you.
The Geddes Start program is designed to assist those with low or moderate income to finance a home. The Geddes Start program includes:
- A significantly lower down payment than is typically required
- 3% down payment for loans up to $125,000 for a 30 year mortgage
monthly or biweekly mortgage payments available - Save every month - at Geddes Federal, you don't have to pay Private Mortgage Insurance (PMI)
- We'll Pay the Mortgage Tax and Attorney Fees for You up to $1,6000
- Interest rate discounts may be available
Geddes Start program mortgage loans can only be used for 1-2 family properties. Escrow for property taxes is required. The Geddes Start program is only eligible for Onondaga County.
When You're Wondering "How Much Mortgage Can I Qualify For?" Geddes Federal Can Help You Understand Your Options.
Talk with Our Mortgage Professionals
2). How Many Years Do You Want to Take to Pay Off Your Mortgage?
The mortgage terms you're looking for are another important thing to keep in mind when trying to answer the question "How much mortgage can I qualify for?"
Generally, longer mortgage terms come with smaller mortgage payments. That's because you have more time to pay off the mortgage loan, so the cost is spread out in smaller payments across a longer period of time.
Geddes Federal Savings and Loan Association offers mortgages with the following terms:
- 7 year mortgage loans
- 10 year mortgage loans
- 12 year mortgage loans
- 15 year mortgage loans
- 20 year mortgage loans
- 25 year mortgage loans
- 30 year mortgage loans
Many of the above mortgage loan options can be split up with bi-weekly mortgage payments or monthly payments.
There are many pros and cons to both shorter term mortgages and longer term mortgages. The mortgage professionals at Geddes Federal can help you understand your options so you can make a decision that makes sense for your budget and plans.
Your Mortgage Rate Will Also Impact the Answer for "How Much Mortgage Can I Qualify For?"
The mortgage rate is the interest that you pay on your mortgage loan. The lower the mortgage rate, the lower your mortgage payments will be. However, there are other things to keep in mind besides looking for the lowest mortgage rates when you're trying to figure out "How much mortgage can I qualify for?"
For example, Geddes Federal Savings and Loan Association does not charge Private Mortgage Insurance (PMI). This means that you'll save even more on your mortgage payments.
A fixed rate mortgage means that you'll have a consistent mortgage rate and mortgage payments for the lifetime of your loan.
Adjustable rate mortgages mean that your mortgage rate changes based on the market. With an adjustable rate mortgage, your mortgage payments could be lower than some months or higher for other months.
See our mortgage rates below.
Conventional Fixed Rate Mortgage
| Term/Payment | APR | Fixed Rate |
|---|---|---|
| 7 Year Monthly (0 Points) | 2.839% | 2.625% |
| 10 Year Monthly (0 Points) | 2.778% | 2.625% |
| 12 Year Monthly (0 Points) | 2.754% | 2.625% |
| 15 Year Monthly (0 Points) | 2.858% | 2.750% |
| 15 Year Bi-Weekly (0 Points) | 2.869% | 2.750% |
| 20 Year Bi-Weekly (0 Points) | 3.344% | 3.250% |
| 20 Year Monthly (0 Points) | 3.335% | 3.250% |
| 25 Year Bi Weekly (0 Points) | 3.579% | 3.500% |
| 30 Year Bi weekly (0 Points) | 3.694% | 3.625% |
Adjustable Rate Mortgages
| Conventional 30 Year ARM Loans | APR | Interest Rate |
|---|---|---|
| 10-1 ARM (0 Points) | 3.158% | 3.000% |
| 7-1 ARM (0 Points) | 3.136% | 2.875% |
| 5-1 ARM (0 Points) | 3.135% | 2.750% |
"Lowest Mortgage Rates around!"
- Jay, a satisfied Geddes Federal mortgage client
Which Mortgage Term is Best for You?
Other Costs to Consider to Answer the Question "How Much Mortgage Can I Qualify For?"
There are other costs that you'll need to keep in mind when trying to figure out "How much mortgage can I qualify for?"
These include:
- Property taxes
- Homeowners insurance
- Homeowners association fee
The Easy Answer to "How Much Mortgage Can I Qualify For?"
Geddes Federal Savings offers mortgage pre-qualification.
Applying to pre-qualify for a mortgage is easy when you Get It at Geddes.
To pre-qualify for a mortgage, all you need to do is:
- Meet with a Geddes Federal mortgage loan originator
- Answer a few simple questions
- If you're approved for mortgage pre-qualification, you'll get a letter that says that you pre-qualify, and for how much
You can even use a mortgage pre-qualification letter to help seal the deal on that house you've been eyeing. Showing your mortgage pre-qualification letter to the person who is selling the house shows that you're serious about making an offer, and you're likely to be able to get approved for a mortgage loan.
In today's market, anything you can do to help you stand out from other people who are interested in a house can make the difference between you being selected over another potential home buyer.
Whether you're looking to pre-qualify for a mortgage, or you'd like to talk about your options first...