You’re ready to buy your first home, but not too sure where to begin. Connecting with a mortgage lender can help you determine how much you can afford, based on current interest rates and the amount of your down payment. Once you have an understanding of the amount you can borrower you can go house hunting with confidence. You have the option to browse online listings before speaking with a realtor or you can engage a realtor to help you with the process.
Pre-approval shows you’re ready to buy
Lenders such as Filo Mortgage can get you pre-approved quickly, which will give you additional credibility when you make an offer on a home. A pre-approval letter shows that you are a serious home buyer and that you are qualified for a mortgage. Additionally, some real estate agents won’t even show homes to potential homebuyers unless they’re pre-approved, and most sellers will only entertain offers from someone who is pre-approved. A mortgage pre-approval letter does not commit you to a specific lender. Filo Mortgage recommends shopping around after your offer is accepted to insure you are getting the best possible pricing.
Pre-approval helps buyers set a realistic housing budget
The pre-approval process helps you know upfront exactly how much of a home you can afford to buy. You may have set a housing budget based on what you can afford to pay each month in mortgage payments, but ultimately, it will also depend on how much you’re approved for when you apply for a mortgage. Obtaining a lower rate on your mortgage can help increase the amount you can borrower. This is another benefit of getting pre-approved by a low rate lender like Filo Mortgage.
Saving time in a competitive market
Obtaining a pre-approval letter upfront can also speed up the mortgage process. A lender may request various documents as evidence of your income and assets, and having these ready will make the process faster when your offer is accepted and you’re ready to obtain the mortgage. At Filo Mortgage, we can process purchase loans in as little as two weeks so that you close quickly if needed.
A chance to explore mortgage options
Finally, the pre-approval process enables you to find out what mortgage is best for you. For example, you can see how the amount of your down payment may impact your interest rate and monthly payment. You can also determine which term is best for you. Generally, the lower the term the better the interest rate. You can also determine if you need to improve your credit score to insure you are getting the best possible pricing for your mortgage.
Get pre-approved and start searching for your dream home
Are you ready to get pre-approved for your mortgage and begin searching for your dream home? Filo Mortgage is happy to get you pre-approved quickly and to help guide you through the process.