It’s something every buyer should do.
- 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 monthly income
- Your available funds for down payment
- Your monthly expenses
- Your credit score
It’s important to consider getting pre-approved from a licensed mortgage professional. As independent mortgage brokers, we will be able to offer you several loan options, finding the best available loan programs to suit your individual needs. We look forward to talking with you soon.