Now that you know what you want in a home, you need to find out what you can afford. There are two ways to go about this: pre-qualification or pre-approval for a mortgage.
Pre-qualification is the simpler of the two processes. It can even be done online or over the phone. When you contact me, I will ask you for some basic information about your finances ? how much money you earn, your debt load, etc. I will take this information and give you a rough estimate of how much of a mortgage you might qualify for. Simple as that!
Pre-approval is more a more in-depth process. I will perform an extensive check of your finances including your credit rating, whether or not you're a first-time buyer, what your debt load is, how much money you have to put as a down payment, etc. This figure will be a much more reliable estimate of what you can afford.
In most markets, pre-approved buyers are preferred over those that are merely pre-qualified. Being pre-approved lets the seller know you have gone through an extensive financial background check and there should be no unexpected obstacles to you buying their home.
Still confused? Speak with me directly. Get the best mortgage suited to your needs and all your questions answered in plain talk.
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