Getting Pre Approved

Certified Mortgage Advisor
NMLS 1701021
Published 
March 22, 2019

Let's get pre approved!

All right here is the first thing that you should be doing when you're looking at buying a house. Number one is getting pre-approved. Now I'm a little biased. I work as a mortgage advisor, so obviously I love when people get pre-approved. Because it means I get to help them through buying a house.

Why we need to get pre approved?

But let me tell you why it's good for you to get pre-approved. First up most realtors, aren't going to show you properties that you're interested in unless you're pre-approved, and here's why they want to work with buyers who have the financial capacity to purchase a house. Otherwise, they don't know that they're coming to spend a lot of time showing houses without you being able to execute on the offer that you put in.

What is pre-approval?

So let's take a step back. First of all, what is pre-approval? Pre-approval is where a lender will walk you through the loan application. So you can see how much you're qualified to purchase. So they're going to take into consideration income assets, credit score, anything that's gone on in your financial history. And how that ties together to the home that you're purchasing.

To know what fits for you

Most of the time they'll take it a step further as we do, and we help make sure that the loan options that you have are available to you. Makes sense for you financially. And just you, right? It's not an off-the-rack type mortgage. We want it to be a tailored mortgage. So we want payments to be comfortable. We want the rate to fit with your short or long-term strategy of purchasing this home. Ultimately, we want it to be something that's sustainable long-term and has profitability when you end up selling the property.

We look for the lowest net cost for you

So the way that we do that as talking about is the cheapest way that we can acquire this debt. And so that's how we work. We try to find the loans that have the lowest net cost for you so that it fits into your financial strategy.

So getting pre-approved helps you understand exactly how much you can. So then you can go start shopping for homes. So let's say in the pre-approval you find, Hey, we're, pre-approved up to $200,000. Awesome. You can now go with a realtor. Look at homes up to $200,000. Feel free to put in an offer, knowing that you'll be able to secure financing.

Will help you set up a good game plan

What this also does is the pre-approval helps you understand what's the monthly payment going to look like also, what are closing costs going to look like? Because you don't want to jump into a contract and then have surprises in the future. So consider getting a pre-approval. If you're looking at shopping at her house, even if you're looking at it in a couple of months, it's going to help you set up a good game plan. Maybe there are some polls on that you need to work on from now until you're looking at purchasing a house.

So if you're interested in walking through the pre-approval really, it's a quick 15 minute consultation upfront. We can talk about some of the goals that you have and then find out how we can set up a loan. That's going to meet that strategy.

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Only for educational usage. All calculations should be verified independently. Win The House You Love LLC is not a lender, does not issue loan qualifications, and does not extend credit of any kind. This is not an offer to lend and should not be used to make decisions on home offers, purchasing decisions, nor loan selections. Not guaranteed to provide accurate results, imply lending terms, qualification amounts, nor real estate advice. Seek counsel from a licensed real estate agent, loan originator, financial planner, accountant, and/or attorney for real estate and/or financial advice. Read the full disclaimer here.