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 one of the reasons why you need 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. It usually only takes about 10 minutes of talking to a lender over the phone. It is so simple, do not be intimidated. There are two advantages to getting this Pre-Approval:
- It gives you the peace-of-mind and certainty 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 – which gives you the edge when making an offer. Many sellers will not accept offers if you have not been Pre-Approved.
If you are serious about purchasing and will be financing you need to Start with getting Pre-Approved. I’m well-connected with local Real Estate contacts, so if you want me to recommend a reputable Broker or Lender, please contact me. In many cases your credit score can be as low as 580 to qualify for a loan. There are many financing options available to you. 3% down is still available. VA Loan is available for Veterans “My wife and I just used our VA loan for a recent purchase”.
I know Lenders if you need a referral. Let me know your situation and I can point you in the right direction.
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 after a short phone call with a Lender. You’ll be glad that you did.
By knowing what you can afford, you can confidently shop within that price range. 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/text me directly.