Get a Mortgage Pre-Approval

In today’s extreme market, many sellers will not allow a buyer to tour their home unless the buyer can provide either a lender’s preapproval or a letter of available funds sufficient to pay for the cost of the home plus all expenses.  For that reason, we always get a Mortgage Pre-Approval or letter of available funds prior to making any appointments to tour homes.  This tactic has helped many of our home buyers beat out other buyers in their ability to win a home.  We are always ready to make an offer on any home we see.

You can arrange for a Mortgage Pre-Approval by working with a good mortgage broker. We recommend mortgage brokers who have provided our clients with excellent service over the years, and we recommend using a Mortgage Broker rather than a bank because they typically provide lower rates better service and quicker closing.

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 very 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 anytime.