Definition: The term "What Mortgage Would I Qualify For" refers to the type or kind of mortgage that you are eligible for based on certain criteria, including your credit score, income, and financial situation. Here's a brief definition of what the term "What Mortgage Would I Qualify For" means: -

Mortgage

: A loan given by a bank or other lender. It is secured with real estate, such as a house, land, or a home equity line of credit (HELOC). -

Qualify for

: To be approved for a mortgage. This means that you must meet certain criteria to be approved. -

Criteria

: The specific steps and requirements required to qualify for a mortgage. Common ones include your credit score, income level, and whether or not you are pre-approved (prequalified) before applying. Mortgages can vary in terms of type, rate, loan amount, down payment requirement, etc., as each lender has their own criteria. Here's an example of what the term might look like:

Example:

A 30-year fixed-rate mortgage with a $150,000 principal balance would qualify for a home purchase if your credit score was over 620 (usually requires at least three years of credit history), you had a low down payment requirement of 2.5%, and your income was above the Federal Reserve's minimum threshold. The mortgage lender would typically check these criteria on your application, but it doesn't require preapproval for those with higher down payments or lower incomes.

what mortgage would i qualify for