When searching for your new home, it’s important to know how much you have available to invest in your purchase. Just as you would not go out to eat at a restaurant without money, it stands to reason you would not go shopping for a house without a way to fund the purchase of the home you want. You have a key negotiating advantage when you can present a contract offer to a seller backed by a loan approval from a reputable and well known lender.
How much House?
The first step towards buying a house is to get “pre-qualified”. Simply put, it’s determining how much house you can afford to buy.Knowing your affordable price range will bring your house-hunting into focus. How much money you qualify for will depend on a variety of factors including your credit history, length of employment, and how much can you invest in the down payment.
Based on the information you provide, your lender will estimate how much money you can borrow.
Finding a reliable lender to work with you through the loan approval process is an important component of any successful transaction, not to mention the added confidence of knowing exactly how much house you can afford.
