MORTGAGE PRE-APPROVAL
GETTING PRE-APPROVED FOR A MORTGAGE
IS AN ESSENTIAL FIRST STEP IN THE
HOMEBUYING PROCESS
You should get a mortgage pre-approval at the beginning of your homebuying journey for three reasons.
1) It’s the best way to learn your maximum loan amount.
While you can estimate how much house you can afford using online calculators, a pre-approval will give you the most accurate number. This way, you’ll know your price range and what houses you can actually afford.
2) You will position yourself as a serious buyer.
With a pre-approval letter, this can give you an advantage over potential buyers without pre-approval, especially in competitive markets.
3) You will be able to budget for your future.
By getting pre-approved, you’ll be able to see what your monthly payment could be and determine if it works for your financial future. It’ll also help you review your finances and see if you need to save more for a down payment before proceeding further in the homebuying experience.
