You might have an idea of the loan payment and mortgage you can afford. But will the bank feel otherwise? It’s always best to pre-qualify for a mortgage so you know exactly how much a financial institution would be willing to lend you.
In the pre-qualification process, you will find out:
- Exactly how much home or land you can afford
- How much cash you will need for the down payment
- The minimum down payment and advantages of higher down payments
- What the lender feels you can afford for a monthly payment
Pre-approval for a home purchase will benefit you, the buyer, in many ways.
Your lender selection will be made so when you prepare to write an offer to purchase a home, you won’t have to make a rushed decision on which lender you will be dealing with during the transaction.
A pre-approved buyer is a positive tool in negotiating the Offer to Purchase.
You will be made aware of necessary paperwork needed to process your loan and avoid any delays later in the transaction.
Credit reports can be reviewed and any negative issues can be dealt with promptly.
Understanding the price range you qualify for is essential in starting the home search. We help buyers pre-qualify for mortgages every day. Simply fill out our pre-approval form to get started.
Remember: We will respect your privacy! We know this is your personal information, and we will not distribute it to anyone, other than to our preferred mortgage broker. This service is also provided free of charge, without any obligation on your part. It is part of our job as top Indianapolis REALTORS® to offer services such as these.