The first step of homeownership is to get pre-approved. By gaining a pre-approval, you will be able to know how much you qualify for, your maximum mortgage payment, and the rate. Our job is to make the pre-approval process simple. Our brokers assess the information you provide and start with the necessary steps to begin finding your dream home. A Pre-Approval is not the same as a Pre-Qualification because a Pre-Approval is set in stone and received by a conditional commitment, it gives you the actual amount you are qualified for so you can begin your home search within that budget. A Pre-Qualification is just a ballpark estimate of what you may be eligible for. This is not the promised amount because your information has not been assessed.
 

WHY IS A PRE-APPROVAL SO IMPORTANT?
 

Getting Pre-Approved is one of the first steps to beginning your mortgage journey. There are two reasons why pre-approval is the most important first step in the process. To begin, the process will help get a better understanding of the loan amount you qualify for. There is nothing worse than seeing a potential home buyer looking at their dream home only to find out they cannot afford the price of the home. By being pre-approved, borrowers can search for homes within their desired budget. Finding the right home that is easily affordable.
 

With a pre-approval, borrowers can also lock in a low-interest rate by placing a hold on the mortgage rate for up to 120 days. Without this pre-approval, you may have had the opportunity to secure a mortgage with a 2% interest rate only to find out the rate has gone up to 3% as your search for a home continued. By securing the rate, you have the protection in place to have a lower interest rate on your mortgage which will help you lower your monthly payment.
 

IMPORTANT FACTORS TO CONSIDER
 

Several factors count the most when you are being considered by a lender for loan approval. These factors include:
 

• Income

• Assets

• Debts

• Employment History

• Credit Score + Credit History

• Downpayment you intend to make and the source of the funds

• Property Value

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FOR MORE INFORMATION, CONTACT US USING THE FORM BELOW

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