Get a Mortgage Pre-Approval
Searching for a home, it is important to understand the amount you can afford. Before you find a property you love, know that it is in your price range.
I recommend getting a Mortgage Pre-Approval. This is a document from your bank or other lender. It states how much of a mortgage they are willing to give you. There are two advantages to getting this pre-approval:
- It lets you know what homes on the market you can afford. And knowing there will be no problems arranging financing.
- Sellers will know 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. I’m connected in the Decatur, Alabama real estate scene, so if you want me to recommend a reputable broker or lender, please contact me.
How Much Home Can You Afford?
Banks and lenders use certain criteria to determine how much of a mortgage they’re willing to offer you. They look at your credit, expenses, income and employment status, and the down payment you plan to make on a home. It is actually a straightforward process. You can usually get a Mortgage Pre-Approval in a day. You’ll be glad that you did.
Knowing what you can afford, you can shop confidently 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.
Please submit the form below or call or email me if you have any questions.