Knowing How Much You Can Afford Is A Critical First Step.

Here are a few key reasons to know why it is a must to be pre-approved before looking for your next home:

• Avoid disappointment when you locate a property you love but aren’t ready to make an offer. Given the current state of the housing market, sellers are very reluctant to accept an offer without a pre-approval. A pre-approval puts you in the position you want to be when you find that perfect house.

• Know your limits and buying power. It’s as much about what you’re comfortable spending as what you are actually qualified to spend. A pre-approved mortgage helps you understand all of the actual costs involved in buying a home and can help you refine your home search based on your budget.

• Did you know that the credit used by a mortgage company is different than the credit reports you can get online? Guess which one the mortgage company will want to use? Most lenders do not charge for a pre-approval. Have peace of mind knowing that you are actually pre-approved with a no cost no obligation pre-approval from a mortgage professional at Granite Mortgage Company.

• A pre-approval can help you identify potential problems with your credit history. An experienced professional mortgage lender can help you correct any mistakes which may improve your credit score!

• How much money can you afford to put down? How much should you put down? Your down payment can affect the type of loan you can get and the type of property you can buy. For instance, a low down payment can restrict the type of home, second home, or investment property you are looking to buy.

• How long will your loan term be? 30 year? 15 year? Knowing the answers before you get in too deep can save you big bucks over the length of the loan, regardless of the term.

• Are you self-employed or have a short job history? Many lenders require two years of income tax returns. But often, starting early with a pre-approval we can often find a loan that suits your needs.