Get a Mortgage Pre-Approval
Obtaining financing is an important part of the home buying process. The first step before we go look at properties is to speak with a mortgage broker or the bank to see what you qualify for. It is important to get a pre-approval prior to going shopping so that you are comfortable when the time comes to make a purchase.
We work with some great mortgage brokers who we are happy to recommend to you. They will work with you, dive deeper into your finances, evaluate your creditworthiness and discuss the differences between fixed and variable mortgages and of course find you competitive rates.
That’s why we recommend getting a Mortgage Pre-Approval. This is a document from your bank or other lender stating how much of a mortgage they are willing to 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.
You can arrange for a Mortgage Pre-Approval with your bank or other lender, or by working with a good mortgage broker. We are well-connected in the local real estate scene, so if you want us to recommend a reputable broker or lender, please contact us.
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 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 or call or email us.