This should be the very first step in any home buying process for the following reasons and more:
- Pre-approval from a lender is the only way to know your true price range so that you only consider homes you can actually afford, saving you time and frustration.
- Most listing agents/sellers require that a pre-approval letter accompany an offer. This lets the seller know you’re qualified to buy their home.
- Pre-approvals also help identify special lending requirements for specific home types. For example, condominiums sometimes require higher down payments. Jumbo loans in higher price points may also require higher down payments.
We can recommend several mortgage brokers with low loan costs, reasonable interest rates to save you money and who also offer great service are educational like us.