Get a Mortgage Pre-Approval
An important ingredient in a successful home search is knowing how much you can afford. You don’t want to fall in love with a property only to find out it’s outside your price range.
That’s why I recommend getting a Mortgage Pre-Approval. This is a document from your bank or other lender stating how much of a mortgage they are willing to give you. There are many advantages to getting this pre-approval:
- It gives you the peace-of-mind of knowing you can afford homes you view on the market, and won’t have problems arranging financing.
- It’s a sign to sellers that you are a serious, prepared buyer and ready for showings.
- It gives you the ability to come up with a game plan to execute your needs.
You can arrange for a Mortgage Pre-Approval with your bank or other lender, or by working with a good mortgage broker. I am well-connected in the real estate scene, and I would love to recommend a reputable broker or lender, please contact me to get your pre-approval today!
How Much Home Can You Afford?
Banks and lenders use specific criteria to determine how much of a mortgage they’re willing to offer you. They look at your income, expenses, credit history and employment status, as well as the down payment you plan to make on a home. It may seem like a scary process, but it is actually straightforward. You can usually get a Mortgage Pre-Approval in a day. You’ll be glad that you did.
By knowing what you can afford, you can confidently shop within that price range. It will also brake down the costs that you will need to have for closing day and provide you with a monthly payment amount based on the loan you are looking to finance. It will provide a good starting point for deciding how to proceed and coming up with a game plan that best fits your needs.
There are many outcomes from getting a pre-approval. It can be great to just see what you qualify for. For example, if you qualify for a $250,000 mortgage, and you have another $100,000 available as a down payment, you can look for homes in the $350,000 range.
Have questions about arranging financing? Please submit the form below or call or email me.