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.