Find out how much you can afford before you go! This will keep you focused on shopping for homes within your price range. If you qualify for a pre-approved mortgage, you’ll be certain of the size of mortgage for which you qualify and guaranteed a rate for a specific period of time. If you don’t qualify for a pre-approved mortgage, we will be able to help you estimate a mortgage-qualifying amount.
In today’s competitive housing market a pre-approval can be the difference between an accepted offer and losing out on your dream home. A true pre-approval involves much more than talking to someone about numbers. It involves providing as much information as you can upfront and getting written confirmation of the mortgage you qualified for, the rate, as well as the terms.
Here are three important tips you need to know about pre-approvals: