2. Get Mortgage Pre-Approval

Get 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 outside your price range.

That is why we strongly recommend getting a mortgage pre-approval. A pre-approval letter is a document from your lending institution stating how much of a mortgage they are willing to give you. There are two advantages to getting mortgage pre-approval:

  • It gives you the peace-of-mind of knowing you can afford homes you view on the market, and will limit problems arranging financing.
  • It is a sign to sellers that you are a serious, prepared buyer – which gives you the edge when making an offer.

You can arrange for a mortgage pre-approval with your lending institution through a mortgage broker. David Marshall, Manager of HOMESTEAD, LLC and Associate Broker with EXP Realty is well-connected in the local real estate scene, so if you need a recommendation for a reputable mortgage company, please contact us.

How Much HOMESTEAD Can You Afford?

Mortgage Companies 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 pre-approved in a day or two. You will 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.

REVIEW: “David Marshall is very knowledgeable about the loan options out there, and helped me find a better fit for me. Also, he still makes himself available to answer questions and concerns even after closing on my beautiful home! You do not pay out of pocket for his assistance! Speak to Dave if your dream is to buy a home!”

  • Ashley Watters

 

Have questions about arranging financing? Please submit the form below or call or email us.