Optaining Financing

Mortgage Pre-Approval

Financing. Pre-approval. Mortgage. Affordability. These are the key ingredients to a successful home search. But don’t be fooled by the simplicity of their names, for their importance cannot be overstated. In fact, getting a Mortgage Pre-Approval is crucial if you want to avoid heartbreak and disappointment in your search for the perfect home.

But what exactly is a Mortgage Pre-Approval, you ask? Well, it’s a document from your bank or lender that declares how much of a mortgage they’re willing to lend you. And let me tell you, there are two major advantages to having this pre-approval.

Firstly, it gives you the peace-of-mind of knowing that you won’t have any issues arranging financing, and that the homes you’re viewing are within your price range. Secondly, it sends a message to sellers that you’re a serious, prepared buyer, giving you the upper hand when making an offer.

Now, you can obtain a Mortgage Pre-Approval through your bank or lender, or with the help of a mortgage broker. And if you’re looking for recommendations, don’t hesitate to contact us. We’re well-connected in the local real estate scene.

What is Your Affordability Range for a Home  

But how do you determine how much home you can afford in the first place? Well, banks and lenders have specific criteria they use to decide how much of a mortgage they’re willing to offer you. They’ll look at your income, expenses, credit history, employment status, and the down payment you’re planning to make. But fear not, this process is actually quite straightforward. And you can usually get a Mortgage Pre-Approval in just one day.

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 have $100,000 for a down payment, you can set your sights on homes in the $350,000 range.

So, if you have any questions about arranging financing, don’t hesitate to contact us. We’re here to help you navigate the perplexing and bursty world of home buying.