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 important advantages to getting this pre-approval:
- It gives you the peace-of-mind of knowing you can afford the homes you view on the market and won’t have problems arranging financing.
- You won’t risk losing out on the home of your dreams to another buyer because you will save time by having your pre-approval on hand to submit with your offer.
- If you are a first-time homebuyer, it can give you insight to any programs or grants for down payment assistance that may be available to you.
- It’s a sign to sellers that you are a serious buyer. Offers that don’t have a pre-approval are often overlooked.
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 in the local real estate scene, so if you want me to recommend a reputable broker or lender, please contact me.
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, and 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 or email me.
Investors
Do you have a home you are interested in, but your funds are currently tied up in a current project? No problem. Call me today and find out how we can help you secure funds through a private mortgage, hard money lender and close on the home. We can also save you money when you buy and sell the investment property with SSI Realty, LLC.