A number of factors determine the price range of homes you will want to preview - one of these factors is loan pre-approval.

The advantages of loan pre-approval include:

• Knowing how much house you can afford
• Knowing how much cash you will need for the down payment
• Shows home sellers you are serious about buying

Items considered when getting a pre-approval for a mortgage loan include:

• Employment history
• Credit history and scores
• Monthly income and expenses

Getting a loan pre-approval is much more advantageous than getting a loan pre-qualification.  A loan pre-qualification shows the amount you 'may' be able to get approved for.  A loan pre-approval is the actual amount you 'are' approved for.  Loan pre-approvals are much stronger bargaining tools to have at your disposal when you find your 'dream home' than loan pre-qualifications are.  They show the seller you are serious about buying their home and can actually do so.

Therefore, one of the very first steps you should take before beginning to look for your new 'dream home' is to get a loan pre-approval.  This will help you to know what you can afford (in your 'comfort zone').  This serves a few purposes:  1) you don't look at homes you cannot afford and therefore don't risk disappointment, 2) you may be able to afford more than you think and therefore will not 'pass up' homes you did not think you could afford, and 3) a loan pre-approval may strengthen your offer to a seller over other buyers who do not have a loan pre-approval.

There are many different types of loans to consider - FHA, VA, Conventional and even Bad Credit loans.

Once you have your loan pre-approval and are ready to find your 'dream home', please contact me and we can begin the search for the house that will become your home.