Get a Mortgage Pre-Approval
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.
Arrange for a Mortgage Pre-Approval with your bank, lender, or mortgage broker. I’m well-connected in the local real estate scene, so if you want us to recommend a reputable broker or lender, please reach out.
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 very easy. You can usually get a Mortgage Pre-Approval in a day.
Knowing your price range will give you confidence in your home search. 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. You will also know what your approximate monthly payment will be at this amount.
Have questions about arranging financing? Please submit the form below or Contact Bromby & Co.