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.
I highly recommend getting a Mortgage Pre-Approval. And I don’t mean a 2 minute over-the-phone pre-approval or an online quote. You should get a document from your bank or other lender stating how much they are willing to lend you based on your employment and deposit savings. Be prepared to provide your ID and proof of deposit and income. There can be limitations to mortgages based on the length of time at your job, the credit history of your spouse, pending divorce, and more. Things that you may not have realized would be a concern and aren’t part of a quick approval or an online form.
There are advantages to getting this pre-approval:
- It gives you the peace-of-mind of knowing you can afford homes you view on the market.
- It’s a sign to sellers that you are a serious, prepared buyer – which gives you the edge when making an offer.
- It makes sure we aren’t wasting your time!
You can arrange for a Mortgage Pre-Approval with your bank or other lender, or by working with a good mortgage broker. They will be able to tell you all of the things you need to have in line in order to start shopping. If you want me to recommend a reputable broker or lender, please contact me.
Sometimes it makes sense to start looking before you are ready to make an offer. Building knowledge is helpful and NOT a waste of your time or my time. So, for example, if your lender says you need to be at your new job past the probation period, and therefore you can’t purchase for 3 more months, it doesn’t mean we can’t do some prep work now. Getting to know what kinds of homes are selling at your price point is helpful for all of us and I’m happy to help work through that process! So don’t be afraid to ask for a showing!