Arranging Financing

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 highly recommend getting a Home Loan Pre-Approval. This is a document from your bank, credit union 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 peace-of-mind knowing that you can afford the homes you view, and that you won’t have problems with financing your purchase.
  • It’s a sign to sellers that you are a serious, prepared buyer – which gives you the edge when making an offer to purchase the property.

You can arrange for a Home Loan Pre-Approval with your Bank, Credit Union or by working with a reputable Mortgage Broker.

Banks, Credit Unions and other 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 $400,000 home loan, and you have another $50,000 available as a down payment, you can look for homes in the $450,000 range. Or, if you qualify for a $450,000 home loan, and you have very little or even nothing available as a down payment, you may still be able look for homes in the $450,000 range. However, you may need to be a military veteran, or qualify for down-payment assistance in this scenario.

Have questions about arranging financing? Please submit the form below and we’ll contact you.

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