Why Should Home Buyers Be Pre-Approved?
Filed under: Qualifying for a Mortgage Loan
Typically, the first thing someone does when they want to buy a home is go online and start looking at listings in their area. That is a reasonable start but for a serious buyer, one of the first steps needs to be the pre-approval process.
These days there are so many “pieces” to obtaining a mortgage that it really requires a professional to help buyers determine not what they can afford, but what they can qualify to buy. There is a significant difference in some cases!
Among other things, a mortgage lender will look at:
- Income
- Assets
- Debts
- Credit
- Cash (down payment and cash reserves)
It truly is a puzzle that needs to be put together way before an offer on a house is made. My video below provides more details. Please give me a call for more information.