What You Need To Know About Mortgage Pre-Approval

Written By Alyvia Noonan

Before you even start looking at homes, there’s something you should do first – and that’s get pre-approved for your mortgage.

What is a Pre-Approval?

Pre-approval is when a lender checks your finances and decides how much you’re qualified to borrow for your home loan. This helps you determine your budget and makes your offer stand out for sellers.

Factors That Can Impact Your Pre-Approval

  • ​Debt-to-income ratio

  • Income and employment status

  • Credit score

  • Payment history

Why It’s so Important to Do Early On

  • Gives you clarity on what you can borrow - which helps you set your budget

  • Helps you avoid falling in love with homes you cannot afford

  • Makes you feel more confident in your ability to get a home loan

  • Shows sellers your offer is serious and likely to go through if accepted

PRO TIP 💡

“Keep in mind that the loan amount in the pre-approval letter is the lender’s maximum offer. Ultimately, you should only borrow an amount you are comfortable repaying.” Freddie Mac

Source: Keeping Current Matters

We can help connect you with trusted lenders to get the process started.
Call/Text us today to schedule a free consultation! 562.637.3709

Source: Keeping Current Matters. The above references an opinion and is for informational purposes only.  It is not intended to be financial advice. Consult a financial professional for advice regarding your individual needs.

Alyvia Noonan
Next

Just Listed | 16459 24th St Sunset Beach, CA