An important ingredient in a successful home search is knowing how much you can afford when arranging to finance. You don’t want to fall in love with a property only to find out it’s outside your price range. That’s why we 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:
You can arrange for a Mortgage Pre-Approval with your bank, or other lenders, or by working with a good mortgage broker. We are well-connected in the local real estate scene, so if you want to recommend a reputable broker or lender, please contact us.
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.
By knowing what you can afford, you can confidently shop within that price range. For example, if you qualify for a $250,000 mortgage, and you have another $100,000 available as a down payment, you can look for homes in the $350,000 range.
Have questions about arranging financing? Please email or Call us
We look forward to serving you!
Phone:
347-406-8369
Email:
harriet.a.robertson@brooklynnybpo.com
Address:
276 Jamaica Ave, Brooklyn, NY 11207, USA