Get a Mortgage Pre-Approval
An important ingredient in a successful home search is knowing how much of a payment 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 is recommended getting a Mortgage Pre-Approval. This is a document from your bank or other financial institution stating how much of a mortgage they are willing to give you. To get started you will need to bring to your appoitment:
- Last 2 Years of Tax Returns with W2s or 1099s
- Last month of pay-stubs
- Last 2 months of bank statements
- Any form of identification (issued by government)
Start your Pre-Qualification Today!
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.