Get a Mortgage Pre-Approval
Before you begin your home search, you need to know how much you can comfortably afford. Getting a Mortgage Pre-Approval isn’t optional, it’s an essential first step in the buying process.
A Mortgage Pre-Approval is a document from your bank or other lender stating how much of a mortgage they are willing to give you. This pre-approval provides two critical advantages:
- It ensures you’re looking at homes you can actually afford, and won’t face financing problems when you’re ready to buy.
- It shows sellers that you are a serious, qualified buyer, which gives you a competitive edge when making an offer.
How Much Home Can You Afford?
Banks and lenders use specific criteria to determine how much of a mortgage they’re willing to offer you. They look at your income, expenses, credit history and employment status, as well as the down payment you plan to make on a home. The process is straightforward, and you can usually get a Mortgage Pre-Approval in a day.
By knowing what you can afford, you can confidently shop within that price range. For example, if you qualify for a $250,000 mortgage, and you have another $100,000 available as a down payment, you can look for homes in the $350,000 range.
Our Local Connections
With over 20 years of experience practicing real estate throughout Massachusetts, we’ve built strong relationships with reputable lenders and mortgage brokers across Boston and surrounding communities, the North Shore, the South Shore, and Metro West. We can connect you with professionals who understand the local market and will work to get you the best terms.
You can arrange for a Mortgage Pre-Approval with your bank or other lender, or by working with a mortgage broker. Contact us for recommendations or if you have questions about the financing process.
