Get a Mortgage Pre-Approval
If you haven’t already done so, you need to get pre-approved for a mortgage. This topic is a good example of why it’s important for us to be working as “partners” on the same page…
Many buyers feel like agents are being pushy when they suggest getting pre-approved. They take offense. They resist. They make excuses. They look at it as the agent being nosy, looking to see how much the buyer can afford, or looking to make sure the buyer can afford a home.
Well, it’s exactly that! And there’s nothing wrong about an agent asking them to do it, either.
Unfortunately, agents who are not entirely confident (or perhaps just desperate for business), let it slide. Then they show their client homes that it turns out they could never afford…or that they couldn’t afford a home at all. And that hurts both the agent and the client in different ways.
Beyond just knowing that you can get a mortgage, and for how much, getting preapproved will do a couple of other things for you:
You’ll need it when you want to submit an offer on a home. And in those moments, time can be of the essence. If you need to rush to get pre-approved, you may lose the home if you can’t get it in time. Starting to talk with lenders now will give you time to choose which lender you want to work with, shop rates and products, and get the best overall loan for your situation. (NOTE: Once you’re under contract, you won’t have much time to shop around for rates and your preferred lender.)
You can certainly ask any lender you already have a relationship with, but if you want any recommendations, the following lender is someone who has helped many of my clients and I trust and recommend:
Beth Elston – Primary Residential Mortgage (Located local in Flower Mound) Email: Eelston@primeres.com Phone: 714-390-9777
Once you’ve selected one, send me the info. so I can have it ready to go when we submit offers!
How Much Home Can You Afford?
Banks and lenders use specific criteria to determine how much of a mortgage they’re willing to offer you. They look at your income, expenses, credit history and employment status, as well as the down payment you plan to make on a home. It may seem like a scary process, but it is actually straightforward. You can usually get a Mortgage Pre-Approval in a day. You’ll be glad that you did.
By knowing what you can afford, you can confidently shop within that price range. For example, if you qualify for a $250,000 mortgage, and you have another $100,000 available as a down payment, you can look for homes in the $350,000 range.
Have questions about arranging financing? Please submit the form below or call or email me.