1. What is Mortgage Availability?

Mortgage availability refers to the approved amount that a lender is willing to provide for a home purchase. It represents the maximum loan amount you qualify for based on your financial situation.

2. How Does the Calculator Work?

The calculator uses the simple formula:

Where:

• \( Approved\ Amount \) — The amount approved by your lender in USD

Explanation: This calculator helps you determine your available mortgage funds based on your lender's approved amount.

3. Importance of Mortgage Availability

Details: Knowing your mortgage availability helps in budgeting for a home purchase and understanding your purchasing power in the housing market.

4. Using the Calculator

Tips: Enter the approved amount in USD that you received from your lender. The value must be greater than 0.

5. Frequently Asked Questions (FAQ)

Q1: What factors affect mortgage availability?
A: Credit score, income, debt-to-income ratio, employment history, and property value all influence mortgage availability.

Q2: Is the approved amount the same as what I can borrow?
A: The approved amount is the maximum, but you can choose to borrow less based on your needs and budget.

Q3: How long is a mortgage approval valid?
A: Typically 60-90 days, after which you may need to reapply or update your financial information.

Q4: Can I increase my approved amount?
A: Yes, by improving your credit score, increasing income, or reducing debts before applying.

Q5: Does this include down payment?
A: No, the approved amount is separate from any down payment you may need to make.