So you’re considering buying a new place? Great! Here is some tried, tested, and true advice that you can use along the way.
Regardless of how many homes you have owned in the past, how good your credit score is, how much money you have in the bank, how much you’re enjoying that new promotion at work, or how confident you feel about your chances to get another mortgage . . .
Never start the home buying process without having a mortgage pre-approval.
Qualifying for a mortgage today is harder than it has been in the past. Even if you have a mortgage right now, that doesn’t guarantee that you will be offered a new one in the future.
The rules have changed:
- Mortgage qualification
- How lenders evaluate mortgage applications
- Your financial situation has changed
It only makes sense to start the process by having a mortgage professional assess your personal financial situation.
Benefits of meeting with a mortgage broker
Meeting with a mortgage professional to discuss your pre-approval will:
- Outline your buying power. You can shop knowing exactly how much you can spend.
- Uncover any issues that might arise in qualifying for a mortgage (e.g. mistakes on your credit report)
- Outline necessary supporting documentation so you can compile those beforehand
- Secure a rate for 30–120 days depending on your mortgage product
- Help you develop a plan for selling your existing property before/after buying a new one
- Help you shop for a new place with confidence
Clarity is the key. Some people assume they won’t qualify for anything but can afford the moon, while others believe it is their fundamental right to borrow as much money as they want. Chances are you’re somewhere in between. The only way to know for sure is to start the conversation.
So if you’re considering buying a new place, let’s discuss your financial situation so you know where you stand.
Get in touch anytime. Let’s get started!