One of the biggest negotiating factors you can have when putting an offer on your dream home is having a pre-approved mortgage or at a minimum, a pre-qualification letter from a reputable lender. Whether you are looking for an upscale condo, suburban ranch home, or a luxury estate, the right mortgage can make the difference between financial freedom and decades of stress.
Find a Mortgage Broker
Before launching a search for your ideal home, meet with a mortgage broker to find out what you can afford. Ask friends for referrals and browse the Internet to find a mortgage company that offers the greatest number of loan options of interest to you.
Pre-qualifying is a quick calculation using your income, assets, monthly debt, and cash available to determine your maximum affordable home price. This process is free of charge and can be done in a few minutes over the phone, in person, or online in most cases.
Pre-approval means that a lender has committed to giving you a loan up to a specified amount. The broker submits an application (underwritten after debt, credit, and income verification) to the lender, who comes back with conditions in preparation for final approval. Once completed, the buyer has a greater assurance of approval once a specific home is selected and appraised.
Partnering up with a qualified Realtor® can save you the heartbreak of falling in love with a house beyond your means. Realtors® love potential buyers who take the time to get pre-qualified because it lets them know they have the general means to buy a home. It also saves them time because they know exactly what you can afford and can tailor the home search accordingly, so don’t be surprised if this is a condition of working with an experienced, well-qualified Buyer’s Agent.
Call Mark Lackey today with Atlanta Housing Source at 404-886-8789 to start the search for your dream home in Gwinnett, Cobb, Forsyth, and North Fulton. He will be happy to refer several mortgage brokers and start you out on the right path.