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Getting a Mortgage Pre-Approval
If you are planning to purchase a home you have two choices, either pay cash or obtain financing. If you are paying cash then this information is not for you.
If you’re going to need a loan to purchase a home than it’s important to know how much you can afford before you start looking at homes.
The Mortgage Pre-Approval is a document from a bank or a lender stating how much money they are willing to lend to you. Getting a pre-approval is the first step in purchasing a home.
How Much Home Can You Afford?
It may seem like a scary process but obtaining a Mortgage Pre-approval is not that hard, both banks and lenders use specific criteria to determine how much of a mortgage they’re willing to offer you, some of the items they look at is your income, expenses, credit history and employment status.
A good Mortgage Broker can usually get a Mortgage Pre-Approval in a day. By knowing what you can afford, you can confidently start looking for homes within your price range.
Where Do I Start?
If you have a local lender that you do business with that is the place to start, my experience is the bigger the Bank the more difficult they are to work with. If you a have a small Community Bank or a Credit Union they are usually easier to work with, another option is a Independent Mortgage Broker there are many of them out there.
If you have any questions about arranging financing please call or email me I would be more than happy to recommend a reputable broker or lender if you need one.