Get a Mortgage Pre-Approval
Financing makes people uncomfortable but you don’t have to figure things out on your own. You can recruit the assistance of Financing Consultants. These professionals will work with you and your agents to make sure the financial aspect of your home purchase is a smooth transition.
What will the financial consultant do for you?
• Review your current financial state.
• Discuss the options available to you during the home purchasing process.
• Guide you to an appropriate price point.
• Negotiate on your behalf to get you the best deal – price, interest rates, loan approval.
• Keep you informed and updated of the entire financial process throughout your purchase.
An important ingredient in a successful home search is knowing how much you can afford. You don’t want to fall in love with a property only to find out it’s outside your price range.
That’s why we recommend getting a Mortgage Pre-Approval. This is a document from your bank or other lender stating how much of a mortgage they are willing to give you. There are two advantages to getting this pre-approval:
- It gives you the peace-of-mind of knowing you can afford homes you view on the market, and won’t have problems arranging financing.
- It’s a sign to sellers that 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. We’re well-connected in the local real estate scene, so if you want us to recommend a reputable broker or lender, please contact us.
How Much Home Can You Afford?
Banks and lenders use specific criteria to determine how much of a mortgage they’re willing to offer you. They look at your income, expenses, credit history and employment status, as well as the down payment you plan to make on a home. It may seem like a scary process, but it is actually straightforward. You can usually get a Mortgage Pre-Approval in a day. You’ll be glad that you did.
By knowing what you can afford, you can confidently shop 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.
Have questions about arranging financing? Please submit the form below or call or email us.