Get a Mortgage Pre-Approval
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 it is recommended to get 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. Black & McDonald Real Estate can direct you to the right mortgage lenders that work with both domestic and international buyers to get you the best rate, terms, and conditions for your unique situation.
How Much Home Can You Afford?
Banks and lenders use specific criteria to determine how much of a mortgage they’re willing to offer you and they have been changing every quarter. They look at your income, expenses, credit history and employment status, as well as the down payment you plan to make on a home. You can usually get a Mortgage Pre-Approval in a day or two.
Have questions about arranging financing? Please submit the form below or call or email Black & McDonald Real Estate.