In today’s real estate market, it’s essential to get pre-approved before starting your home search as it allows you to:
• Understand your financial condition
• Understand how much home you can afford before you begin your home search
• Strengthen your purchasing power when making your offer
A full-service mortgage company with a proven and trusted track record, can help you determine your purchasing power before your home search gets underway. The company will show you a variety of financing types (FHA, conventional, jumbo, super jumbo, etc.) and will determine how much you qualify for with each type. Based on your desired payment level and the funds you have available, the company can determine your purchasing power and design a loan that will work for you.
• Getting pre-approved puts you in a better negotiating position by letting the seller know you are committed and financing is not in question
• In cases where there are multiple offers for homes, buyers who are pre-approved have a better chance of an accepted offer on the house they wish to buy.
To find out what you should take with you when you visit your lender, click here.