Finding a Lender

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 we recommend getting a Mortgage Pre-Approval as soon as you're seriously starting to look for homes. 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 of knowing you can afford homes you view on the market, and won’t have problems arranging financing.

• It’s a sign to sellers that you are a serious, prepared buyer – which gives you the edge when making an offer.

You can arrange for a Mortgage Pre-Approval with your bank or other lender, or by working with a good mortgage broker. We are well-connected in the local real estate market, so if you would like recommendations for a reputable broker or lender, please let us know. We are happy to make those connections for you. 

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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 straightforward. You can usually get a Mortgage Pre-Approval in a day. You’ll be glad that you did when you find that perfect place and are wanting to make an offer!

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By knowing what you can afford, you can confidently shop within that price range. For example, if you qualify for a $350,000 mortgage, and you have another $100,000 available as a down payment, you can look for homes in the $450,000 range.

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Do you have questions about arranging financing? Call or email us so we can connect you with some of our trusted partners in the mortgage and banking industry. They will be able to answer your questions specific to you and your situation and are a vital part of a successful real estate transaction.