Do you think you should be Pre Approved for a Mortgage?

Buying a home is an exciting experience. While the process can be stressful at times, you can limit y, and one of the easiest is getting pre-approved for a mortgage before you begin your house-hunting journey.

As the borrower, it’s good to compare options for mortgages and different lenders. Throughout this process, you will learn the maximum amount of mortgage you qualify for and the estimated mortgage payments on the amount borrowed, while locking in an interest rate for up to 130 days from the date of the pre-approval.

On the lender side of the process, they will look at your financial circumstances including your income-to-debt ratio, credit score and financial history. The lender uses all these factors to assess your borrowing risk and determine the amount of mortgage, interest rate and terms you’ll qualify for. It is important to note that the mortgage pre-approval process does not guarantee you will be approved for a mortgage.

5 Reasons to Get Pre-Approved for a Mortgage Before You Start looking at homes

1. You’ll Have an Idea of How Much Money You Have to Work With

2. Your Scope of Search Will be Narrowed

3. You Become a More Competitive Buyer

4. You Become a More Desirable Buyer

5. It May Shorten Your Closing Period