Get a Mortgage Pre-Approval
An important step in a successful home search is knowing how much you can afford. You don’t want to get attached to a property only to find out it’s outside your price range.
As a first step, I recommend getting a Mortgage Pre-Approval. This is a document from your bank or lender stating how much of a mortgage they are willing to give you.
There are two HUGE advantages to a pre-approval:
- It gives us the peace-of-mind knowing you can afford homes in your market, and won’t have problems arranging financing.
- It’s also a sign to sellers that you are a serious, prepared buyer – which gives us the edge when making an offer.
You can arrange for a Mortgage Pre-Approval with your bank or other lender, or by working with a good mortgage broker. I’m well-connected with various mortgagors in the industry, so if you want me to recommend a reputable broker or lender suited for you, let me know.
How Much Can You Afford?
Specific criteria is used to determine how much of a mortgage lenders are willing to offer you. They look at your income, expenses, credit history and employment status, and especially the down payment. This is a hurdle for many and while it may seem like a scary process, it is commonly straightforward.
You can often get a Mortgage Pre-Approval within a day. You’ll be glad that you did.
Knowing what you can afford creates confidence while you search within that price range.
Thomas’ Tip: Search for Homes BELOW Your Pre-Approval Amount
Have questions about arranging financing?
Please email me or submit the form below.