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What is a Mortgage Number Calculator?

What is a Mortgage Number Calculator?

What is a Mortgage Number Calculator

Have you ever felt alone in your home buying journey? Are you unsure if you’re even ready to commit yourself to a mortgage payment? There aren’t many resources out there that can give you guidance on these things without asking for money in return. Luckily, there’s a FREE tool at your disposal that can give you insights on your overall strengths and weaknesses in today’s mortgage environment. This formidable tool is the mortgage number calculator from Mortgage Number. This blog will go over what a mortgage number calculator is and how a mortgage number can help guide you in your home buying journey. 

What is a Mortgage Number Calculator? 

A mortgage number calculator is a free online calculator that allows you to quantify your level of “readiness” to buy a home. It provides the opportunity to explore what is most beneficial to you when it comes to qualifying for a mortgage. To receive your mortgage number, all you have to do is fill out the mortgage number calculator with the details of your financial situation. Once you click the Results button, you get your mortgage number! It’s that simple! 

You will get a number within the range of 375 – 1000, which will come with a color that represents where you’re at financially. With GREEN you qualify. The higher your mortgage number, the stronger you are from the lender’s perspective. A mortgage number of 1000 with no red indicates that you’re ‘over qualified’. This can be rewarded with better rates and terms. With GRAY, you’re close, and with RED your financial situation needs a little bit of work.

Why Do I Need a Mortgage Number? 

The lending system was not made to benefit the borrower. It includes a complicated qualification process filled with intricate jargon and complex processes. The mortgage number calculator helps you save the time necessary to scale your goals with a clear understanding of opportunities available in the mortgage space. This is just what you need to gain the confidence to take the next steps with a clear understanding of how you fit in today’s lending system. 

If you get a high mortgage number, you’ll have the confidence to take the first step in buying your home since you know you’re ready. If you get a low mortgage number, it’ll stop you from getting into something you’re not financially prepared for. You’ll know that it might be a better tactic to wait and save money for a while until your mortgage number goes green and you know you’re ready! The objective with the mortgage number calculator is to bring transparency and understanding of mortgage prequalification, so a potential buyer is confident to move forward with whatever the next step may be, whether it be buy now or save more and buy later. 

What is a Mortgage Number Calculator Chart

How is a Mortgage Number Different from a Credit Score? 

Mortgage number is not a credit score. Rather than a number indicating your creditworthiness as an individual, a mortgage number offers insights on how attractive you look as a borrower from a financial institution’s perspective. Knowing your strengths and weaknesses can be to your advantage when looking for a broker or lender. Understanding how the financial world views you as a borrower will save you both time and money.

If you’re thinking about buying a house, the first thing you should do is use the mortgage number calculator to find out what your mortgage number is. Mortgage Number allows users to tap into the power of both lending continuums and know where they fit in today’s lending environment. The best part is that this amazing tool is free and available to everyone! To get your mortgage number, click here! 

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