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. The biggest advantage to getting a pre-approval is that is shows sellers that you are a serious, prepared buyer – which can give you an edge when making an offer. This is especially valuable in a competitive market!
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 that aren’t part of a quick approval or an online form.
You can arrange for a Mortgage Pre-Approval with your bank or mortgage broker. I recommend working with a MOBILE MORTGAGE SPECIALIST as they are often more responsive and specialize in their area. If you aren’t sure where to start I can provide you with a few suggestions of some excellent local mortgage specialists.