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 I 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:

• It gives you the peace-of-mind knowing you can actually afford homes you view on the market, and won’t have problems arranging financing further down the line.
• It’s a sign to sellers that you are a serious and well-prepared buyer – which gives you the competitive edge when making an offer.

You can arrange for a pre-approval with your bank or other lender, or by working with a good mortgage broker. I’m well-connected in the local Ponte Vedra & greater Jacksonville & St. Augustine real estate scene, so if you want me to recommend a reputable broker or lender, please contact me.

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. 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 pretty straightforward.

By knowing what you can afford, you can confidently shop within that price range. For example, if you qualify for a $450,000 mortgage, and you have another $100,000 available as a down payment, you can look for homes in the $550,000 range.

Have questions about arranging financing? Please submit the form below or call or email me.