Get a Mortgage Pre-Approval
This is a document from your bank or other lender stating how much of a mortgage they will give you. There are two advantages to getting this pre-approval.
- It gives you the peace-of-mind of knowing you can afford homes you view on the market, and won’t have problems arranging financing
- It’s a sign to sellers that you are a serious, prepared buyer – which gives you the edge when making an offer
Knowing how much home you can afford is an important ingredient in a successful home search
How much 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. 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
You can arrange for a Mortgage Pre-Approval with your bank or other lender, or by working with a good mortgage broker
- If you need any assistance, contact us and we can recommend a reputable broker or lender
