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 I always recommend getting a Mortgage Pre-Approval before you start your home search process!
Mortgage Pre-Approval 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 pre-approved:
- It gives you the peace-of-mind of knowing you can afford homes you view on the market, and you won’t have problems arranging financing when it comes to closing the purchase of your home;
- It’s a sign to sellers that you are a prepared and serious buyer, which gives you the edge when making an offer. Sellers are nowadays very educated, and prefer to know in advance whether the buyer who is making an offer is pre-approved for a mortgage.
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. You can review trusted mortgage lenders on my team by checking Trusted Partners section of this website.
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.
What Will Be My Mortgage Payments?
To get an approximate idea of your mortgage payments, please use Mortgage Calculator section of this website. Please note, this is not a comprehensive tool and is not designed to provide a complete and accurate number. Only the actual mortgage specialist can accurately calculate your exact payments.
Have questions about arranging financing? Please submit the form below or call or email me.