Get a Home Loan 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 we recommend getting a Home Loan Pre-Approval. This is a document from your bank or other lender stating how much of a home loan 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 Home Loan Pre-Approval with your bank or other lender, or by working with a good home loan officer. We are well-connected in the local real estate scene, so if you want us to recommend a reputable broker or lender, please contact us for information on your Cherry Creek, Cherry Hills, Littleton, Englewood, Lone Tree, Highlands Ranch, Lakewood, Greenwood Village, Centennial, Aurora, Castle Rock, Castle Pines, Arvada, Golden, Wheat Ridge, Thornton, Broomfield, Westminster, Parker home.
How Much Home Can You Afford?
Banks and lenders use specific criteria to determine how much of a home loan 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 Home Loan 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 $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 us.