pre-approval
How Much Home Can You Afford?
One of the first steps in the home-buying process is getting pre-approved for your mortgage loan with a lender. An experienced loan officer can help you figure out the maximum loan amount you can qualify for and how much home you can afford. Your loan officer can also provide you information about the loan products available to you as a home buyer, potentially saving you thousands of dollars.
Why is it important to get pre-approved by a lender?
Many home buyers start searching for a home, without considering how much they can truly afford. Nothing is more heart breaking than finding a home you love, only to find out it does not fit your budget or you do not qualify.
Know Your Maximum Loan Amount
By getting pre-approved, you will know the maximum loan amount that you are approved for, so you can shop for a home with confidence.
Know Which Homes Fit Your Budget
You will work with your loan officer to determine how much home you can comfortably afford. Your loan officer will factor insurance, taxes, and other costs into your monthly payment.
Learn Which Loan Products Can Save You Money
There are several loan products available for borrowers. An experienced loan officer can help you find the product that works best for you.
Required When Submitting a Purchase Offer
A pre-approval letter shows the seller that you are a serious buyer and can afford to purchase their home. Working with the right lender who looks out for your best interest is key.