Get Pre-Approved

An important first step
Before beginning your new home search, It's very important to know in advance, how much home you can afford to purchase. The fact that you are pre-approved gives you much more confidence when looking at homes, plus the fact that you are halfway there to a mortgage committment. Both sellers and realtors look more favorably at pre-approved buyers expecially in a hot market when listing do not last long. In fact, some sellers insist on only having their homes shown to pre-approved buyers.

To get pre-approved, ask your friends and relatives to recommend banks and mortgage companies, preferably in the area in which you hope to purchase. Select a couple, meet and discuss your plans and finances. A good mortgage broker will do a very thorough and accurate job so that when you finally make application for a mortgage, after you've secured a "Purchase and Sales" agreement, the application approval time may be greatly reduced. The pre-approval letter, which almost guarantees that you will be approved for a mortgage, should arrive in about a week.

Many banks offer potential buyers a "Pre-Qualification Letter" which is prepared after a short meeting with the lender. It does not go into the depth of the pre-approval analysis and only gives a general idea of how much you may be qualified for. If you are a serious buyer, go for the pre-approval letter. dfk.

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