Get a Mortgage Pre-Approval

One of the most important things in a successful home search is knowing how much you can afford. You don’t want to fall in love with a home only to find out you can’t even afford it.

That’s exactly why we suggest getting a Mortgage Pre-Approval first. The pre-approval is a document from a bank or other lender indicating how much of a mortgage they are willing to give you. There are two major advantages to getting this pre-approval:

1. It gives you the peace-of-mind of knowing that you can actually afford the homes you view on the market, and won’t run into problems arranging financing.
2. It’s a sign to sellers that you are a serious buyer – which we like to refer to as ready, willing, and abled buyers. Presenting sellers with your pre-approval letter attached to your offer gives you the edge on competing offers.

Know the difference between a pre-approval letter and a pre-qualification. A loan pre-qualification does not include an analysis of your credit report or an in-depth look at your ability to purchase a home. With pre-approval letter, you will receive a conditional commitment in writing for an exact loan amount, which will allow your Real Estate professional to find you home at or below that price range.

You can obtain a Mortgage Pre-Approval with your bank or any other lender. We are well-connected in the local real estate scene; including Orange County, Riverside County, and L.A County. So if you want us to recommend a Mortgage Loan Originator feel free to contact us.

So How Much Can You Afford?
Banks and lenders use a specific criteria to determine how large of a mortgage they’re willing to offer you. They check your income, expenses, credit history and your employment status. They will also see the down payment you plan to make.

I know it seems like a scary process, but it is actually straightforward. Depending on your motivation and how organized you are in terms of collecting the required paperwork, you should be able to get a Mortgage Pre-Approval in as little as one day. And you’ll be glad that you did.

By knowing how much you can afford, you can confidently shop within that given price range.

If you have any questions about arranging financing, just ask. We’ll send you in the right direction.