Arrange Financing

Get a Mortgage Pre-Approval

This is not if, its a must for financed BUYERS.  If your not going to be paying all cash when you buy a home then you need to walk into the home buying process with some power to negotiate, having a valid mortgage pre approval in hand is almost as good as saying you will be paying cash. What a proper pre approval (your income, assets and credit verified) does is tell your seller that you have been pre approved to buy a home like theirs. So they know that if you and the seller negotiate a final price on the property it is almost assured you will be able to complete the transaction. This is music to a sellers ear, no seller wants to take their home off the market for 45-60 days just to find out if their buyer will be approved for their loan or not. So if you want to start off on the right track do yourself a favor and get your self pre approved for a mortgage.

Once your pre approved you will know the price range of homes you can afford. You don’t want to fall in love with a property only to find out it’s outside your price range.

To recao 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. I’m well-connected in the local 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 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 me.

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