After you decide that you are going to invest in a new home, the excitement can overwhelm you. You are finally putting your dreams into reality and when you find that dream property, you will know it. However, it is important to know how much you can borrow before setting your sites too high on a home that you cannot afford. Do not become disappointed before you get started.
If you apply for a pre-approved mortgage before starting your new home search, you will know what is in your price range and you can focus on homes that are right for you. A pre-approved mortgage is a sensible way to buy your property because the lender guarantees a sum of money and a rate based on your situation. The sum and rate are guaranteed for a set time period (usually 90-120 days) while you search for and find your dream home.
Many realtors will require that you have a pre-approved mortgage before they start searching for your dream home. This is another reason to know what the lender is willing to let you borrow because it will save your realtor a lot of time only showing you properties that you can afford.
If several buyers are interested in the same property that you are, being pre-approved can give you a slight advantage. Sellers are more likely to accept an offer from a buyer who has been pre-approved as opposed to a buyer that does not know for sure they can get the amount offered.
Our professional mortgage brokers are waiting to help you get that pre-approved mortgage. Simply fill out our convenient online application and start your home search with confidence in knowing you are approved.