Absolutely! Even if you haven’t so much as picked out houses to visit yet, it’s important to see your mortgage profession first. Why? What can we do for you if you haven’t negotiated a price, and don’t know yet how much you want to borrow?
When we as a mortgage bank pre-approve you, we help you determine how much of a monthly mortgage payment you can afford, and how much we can loan you. We do this by considering your income and debts, your employment and residence situations, your available funds for down payment and required reserves, and some other things. It’s short and to the point, and we keep the paperwork to a minimum!
Once you qualify, we give you a Pre-Approval Letter that you can give to your Realtor. It states that we have obtained documentation from you, checked your credit, have underwritten your loan and that your loan is approved subject to the appraisal on the home you are purchasing plus any other conditions which are outstanding, such as the sale of a present home.
When you find a house that catches your eye, and you decide to make an offer, being pre-approved for a mortgage will do a couple of things. First, it lets you know how much you can offer. Your Realtor will help you decide on an appropriate offer to fit your circumstances, but being pre-approved gives you the confidence to know you can follow through.
More importantly, to a home seller, your being pre approved will make your offer stand out, and give you more clout. You can always use the calculators on my web page (www.marketmortgage.com) to get an idea of how much you can afford, but it’s better to meet and get the pre approval out of the way. If there are any issues or questions, we can get those resolved up front. I can also look at many different programs and find the one that best fits your needs! Please call:
Val Behre
Market Mortgage Co., LTD
614-848-5626
val@marketmortgage.com