While it is not mandatory, mortgage pre-approval is strongly recommended when buying a home, especially for first-time buyers and/or in multiple offer situations. It offers several advantages that can save you time and money.
1. Know your borrowing capacity
The best place to start is with a preapproval, so you know exactly how much buying power you have.
2. Plan your monthly payments
By knowing your borrowing capacity, you can determine what your monthly mortgage payments will be.
3. Simplified property search
Make the search for properties with your realtor focused on what you can afford.
4. More credibility as a buyer
Establish that you are a serious buyer and that your financial situation is sound, giving you an advantage over other buyers who have not been pre-approved.
5. Interest rate protection
You get a guaranteed mortgage rate and can take advantage of any rate decreases.
Obtaining a mortgage pre-approval is free and does not commit you to anything. Why would you not take advantage of it? Contact me for your no obligation pre-approval.
Kandis Wells
Mortgage Professional
Kandis Wells Mortgage Solutions Inc | Verico Xeva Mortgage
778-227-1224
