The question is, should you get PreApproved for a mortgage? Many times we get calls from someone who wants to buy a new home. And usually, the first question we ask is “ Have you spoken with a mortgage representative to get Pre-Approved for a mortgage?”
And, here’s why we ask.
First – we want to make sure that you’re indeed, looking for a home in a price range that you can afford. Because, many times, we have shown homes to people where they absolutely fell in love with a house. On further investigation we sometimes find that they cannot qualify to afford this home. As a result, they begin searching for a lower priced home.
Next– we find you the perfect home and write an offer. However, the seller wants to know if you can actually get a mortgage.They want to know if you can buy their property. For example, many sellers will not even look at a contract without the Pre-Approval.
What’s involved with getting PreApproved?
You need to speak with a mortgage representative. They’ll ask about your income and expenses. Also, about the down payment funds you have available. Next, the mortgage representative will pull a credit report. The loan officer will look at the credit report and the information you supplied. And you’ll be told whether or not you can get a mortgage. In addition, how much you can spend on a new home.
The pre-approval process usually takes 10 – 20 minutes. There is no charge and no obligation, and it can be done over the phone.
If all goes well you can begin hunting for a new home that you can afford. Next, we’ll find the perfect home. Consequently, you’re in a position to purchase your new home.
If you need a recommendation for a good mortgage representative, Contact me.
Are you ready to buy or sell a home? Contact me