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Get a Mortgage Pre-Approval

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An important ingredient in a successful home search is knowing how much you can afford. You don’t want to fall in love with a property only to find out it’s outside your price range.

 

That’s why I recommend getting a Mortgage Pre-Approval. This is a document from your bank or other lender stating how much of a mortgage they are willing to give you. There are two advantages to getting this pre-approval:

• It gives you the peace-of-mind of knowing you can afford homes you view on the market, and won’t have problems arranging financing.

• It’s a sign to sellers that you are a serious, prepared buyer – which gives you the edge when making an offer.

You can arrange for a Mortgage Pre-Approval with your bank or other lender, or by working with a good mortgage broker. I’m well-connected in the local real estate scene, so if you want me to recommend a reputable broker or lender, please contact me.

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How Much Home Can You Afford?

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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.

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By knowing what you can afford, you can confidently shop within that price range. For example, if you qualify for a $650,000 mortgage, and you have another $100,000 available as a down payment, you can look for homes in the $750,000 range.

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Have questions about arranging financing? Call or email me. This step IS SOOOOOO IMPORTANT. I am more than happy to give you my list of my trusted referral partners. They rock at what they do and I highly recommend contact them!

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Next Step... Viewing Houses!

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