770-316-5519

BillWagnerHomes@gmail.com

770-316-5519

BillWagnerHomes@gmail.com

Home / Buying / Mortgage Pre-Approval

by | Sep 28, 2021 | Real Estate Market, Mortgage Lenders | 0 comments

Buying a House This Year? Mortgage Pre-Approval Should be Your First Step

Home / Buying / Mortgage Pre-Approval
Mortgage Pre-Approval Should be Your First Step

In many markets across the country, the number of buyers searching for their dream homes outnumbers the number of homes for sale. This has led to a competitive marketplace where buyers often need to stand out. One way to show that you are serious about buying your dream home is to get pre-qualified or pre-approved for a mortgage before starting your search.

Working With Mortgage Lender

Even if you are not in an incredibly competitive market, understanding your budget will give you the confidence of knowing whether or not your dream home is within your reach.

Freddie Mac lays out the advantages of pre-approval in the ‘My Home’ section of their website:

“It’s highly recommended that you work with your lender to get pre-approved before you begin house hunting. Pre-approval will tell you how much home you can afford and can help you move faster, and with greater confidence, in competitive markets.”

One of the many advantages of working with a local real estate professional is that many have relationships with lenders who will be able to help you through this process. Once you have selected a lender, you will need to fill out their loan application and provide them with important information regarding “your credit, debt, work history, down payment and residential history.”

Freddie Mac describes the ‘4 Cs’ that help determine the amount you will be qualified to borrow:

Capacity: Your current and future ability to make your payments

Capital or cash reserves: The money, savings, and investments you have that can be sold quickly for cash

Collateral: The home, or type of home, that you would like to purchase

Credit: Your history of paying bills and other debts on time

Getting pre-approved is one of many steps that will show home sellers that you are serious about buying, and it often helps speed up the process once your offer has been accepted.

Shopping for Mortgage

If you want to get started in the process contact The Wagner Team, we can answer any of your questions. We will be happy to. “A Higher Standard of Real Estate”

Mortgage Pre-Approval

What You Can Afford

Downpayments and PMI

Finding Your Team

Finding The Right Home

Working With Your Lender

Your Credit Score

Making Your Offer

Inspections and Appraisals

Understanding Closing Documents

Closing Your Loan

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The Wagner Team

Bill Wagner – Keller Williams Atlanta Partners

Call or Text 770-316-5519

BillWagnerHomes@gmail.com