It’s something every buyer should do.
Here’s why:
- You’ll know what you can afford. Getting pre approved before you shop is imperative, as it allows you to shop within your price range.
- It give you negotiating power. Having a pre-approval always puts you ahead of a buyer who doesn’t. This is a game-changer when you’re in a bidding war with other buyers.
- It makes your offer more relevant. When the seller knows that your information has been reviewed by a mortgage underwriter, it makes everyone involved more confident and gives your offer more significance.
- It will help you save, not spend. When you’re in the market for a new home, it’s easy to get caught up in the excitement of making purchases. Having the details on your new home’s interest rate, closing costs and won payment will help you curb your urge to buy outside of your budget or give you peace of mind to go over it.
- You’ll get the keys faster. Getting pre-approved up front makes everything else move quicker. You’ll close faster, which means you’ll move in faster!
How Much House Can You Afford?
Before you start shopping for a new home, determine how much you can afford to spend.
Here are a few things to consider:
- Your credit score
- Your monthly income
- Your monthly expenses
- Your available funds for down payment
- Your desired (& affordable) new monthly mortgage payment
We feel it is extremely important for you to consider getting pre-approved from a Licensed and Independent Local Mortgage Company as we (and they) are able to offer you several different loan options to choose from as opposed to the traditional one-size-fits-all approach. And all of your options (with us) come without the traditional (and disguised) lending & banking Junk Fees.
We both hope and forward to talking with you soon.