Why Get Pre-Approved First?

So you think you are ready to buy your FIRST home? GREAT! Let’s get you pre-approved first! Here’s why:

In order to completely protect you, the buyer, I need to have a pre-approval letter. A local lender is preferred. (We can make some referrals for you). However, if that is not possible, you can search online for a lender. Have them review your credit, income and assets. If you are meeting face to face, the lender will ask you to bring information with you to support the information you tell them. They will then give you an idea of what price range you should be looking at and what your max is. It is important to know what that max equates to in a mortgage payment. This should be a monthly amount you are comfortable with. That monthly payment, will include your principal, interest, property taxes and estimated homeowners insurance. Then they will tell you to go shopping for your new home. When we do find your home, you will call them back and they will give you a letter saying that you are pre-approved for that specific home. Then they will run the numbers again and estimate the principle, interest, taxes and homeowner’s insurance. That will tell you approximately what your total monthly payment will be. After you receive the letter, you give that letter to your REALTOR® and they will help you write an offer on your new home!