By getting pre-approved, you know exactly how much home you can afford. There is nothing worse than finding your dream home, only to find out that you cannot qualify for a loan to buy it. A pre-approval also strengthens your bargaining power when negotiating with a seller. Determining how much you can afford before you begin your home search will save you valuable time.
Pre-qualifying for a mortgage generally helps you determine how much house you can afford. Remember, becoming qualified does not necessarily mean that you will be approved for a loan of that amount. Pre-approval from your lender means that you have provided them with necessary paperwork, and they have approved you for an actual loan. Having pre-approval for a home will put you in a much better negotiating position, because the seller knows you are able to obtain your loan to purchase their home.
Most lenders require a 3 to 20 percent down payment depending on the loan type for which you are applying. I can help you locate a lender who will assist you in finding a financing package that best meets your needs.
If you do not already have a lender, please let me know. I will put you in touch with one of my trusted loan originators who knows how to get the job done.
Use this quick home valuation estimate tool to instantly get an idea of your home's current market value. This powerful tool pulls from the sales data of recently sold homes in your neighborhood to establish a general market value for home.