I talk a lot about the importance of getting pre-approved for a mortgage, but do you truly understand how it will benefit you?
1) You will know your borrowing capacity – If you know how much you’re pre-approved for, you can plan your mortgage payments and determine exactly what your budget can afford each month.
2) You can plan your budget- We all know that buying a home comes with a list of monthly expenses. By knowing your mortgage pre-approval amount, you can clearly plan for the future and create a budget you are comfortable with.
3) Help your property search- You will know exactly how much you can afford and the type of properties to look at. No wasting time on properties that are outside of your price range!
4) Interest rate protection- With a pre-approval, you will have an interest rate held for you for up to four months. With rising rates, this is a big deal!
Getting pre-approved is quick, easy and totally FREE! What are you waiting for?