Home Buyer - Mortgage PreApproval » Diane McConaghy Team

Home Buyer – Mortgage PreApproval

Okay home buyers, Listen up. I’ve got some important information you need to know.

Contrary to popular belief, if you’re interested in becoming a homeowner, the first thing to do IS NOT heading to open houses.  Last week we talked about the first step of finding a full-time Realtor.  Thanks for selecting us.  Now the most important next step is getting pre-approved for a mortgage (unless you will be paying cash for your new home.)

So, what is a pre-approval and what do you need to do?

A pre-approval is a verification of your ability to borrow money to purchase a home. A lender will look at your credit score and debt to income ratio to see what programs you may qualify for and what interest rates are available to you.  They will request lots of information and documentation.
I can’t tell you HOW MANY TIMES people who thought they were in no hurry, go look at homes and BAM they find their dream home. Now they have to scramble to get a pre-approval letter to submit with their offer to buy. This can take 24-48 hours depending on the bank and if you happen to qualify.  And, in this market…that might be too long.

When getting a mortgage pre-approval there are two numbers you need to know, what home price you qualify for, and how much you’re WILLING to pay each month for your mortgage, taxes and insurance all rolled into one.

Stay tuned for Friday’s video when we will interview a local lender who will provide you with more valuable information on the mortgage preapproval process.
I know It can be a little intimidating but don’t worry. With my team’s help you’ve GOT THIS! The Diane McConaghy Team is all about Moving Right Along and we’re dedicated to serving you with kindness and excellence. 

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