To some, it may seem odd to get pre-approved with a home loan mortgage quote before you have decided on a house. However, as many people who have been through the buying process can tell you, getting pre-approved can be very helpful. It can also cut down on frustration in the future.
First, getting pre-approved tells you exactly what you qualify for in terms of a mortgage amount. The amount of mortgage you can get depends on your current income and debt situation, as well previous credit history and job status. Knowing the amount of mortgage you can get will give you an idea of the price range of houses to look for. There is nothing more frustrating than finally choosing a house and finding out you cannot afford it.
Next, being pre-approved also gives you an idea of your monthly mortgage note. It is quite possible that you qualify for a very large mortgage. However, you need to think about your personal living situation, and how much a month you want to go toward that mortgage. It can be a shock at times when you find out just how much a monthly mortgage payment will be. Some people need more disposable income than others. The pre-approval process can give you some ideas about the monthly cost of a home.
If you want to talk about pre-approval, call Downs Financial today. We are a direct lender of mortgage loans to people with all types of credit across the United States. We can make the process fast and efficient, and get you headed in the right direction.