Get a Mortgage Pre-Approval

An important ingredient in a successful home search is knowing how much you can afford. You do not want to fall in love with a property only to find out, it is not in your price range.

I recommend a Mortgage Pre-Approval – a document from your bank or other lender, stating a mortgage value they are willing to provide for you. There are two advantages to a Pre-Approval;

• Provides you with the peace-of-mind; knowing you can afford the homes you view on the market, without problems arranging financing
• Shows sellers that you are a serious, well-prepared buyer, giving you 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 am able to recommend a reputable broker or lender if you are in need of assistance; I am well-connected in the local real estate scene.

How Much Home Can You Afford?

Banks and lenders use specific criteria to determine how much of a mortgage they are 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. 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, call or email me.