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Pre-Approval: How Much Home Can You Afford?

The very first step of embarking on your home search would be to get you preapproved with a lender. Getting pre-approved takes out the guesswork. It tells you what amount a lender will loan you for a mortgage. This is based on your credit history (ie: FICO Score), income, and other financial information that is requested by the lender.

Based on this information the lender determines your ability to repay the mortgage loan and assigns a maximum loan value. The lender will help determine your monthly payments including principal, interest & taxes and mortgage insurance. In the case of condos & some gated communities, monthly HOA (Home Owners Association) dues are factored in.

The pre-approval process is painless, free & can be initiated over the phone. Our buyer specialists can recommend lenders to start your pre-approval process.

Then it is up to you to consider all this & determine your comfort level. Consider your current lifestyle & be careful not to overextend yourself with your new property purchase. After completing this process, our buyer specialists can tailor & streamline a property search to find you the properties that best suits your price range.

Please note: Call us at 888.662.9066 if you would like to discuss any of the above
with a HausAngeles Buyer Specialist or would like a list of lenders you can contact
to get preapproved.

Getting pre-approved is an extremely important step for a few reasons:

  • It enables us to know how much you can comfortably spend on a home purchase. It increases efficiency as we can spend out time focusing solely on properties in your price range which you can make offers on.
  • If you see a property you love and want to make an offer on, we don’t waste precious time getting you pre-approved at that juncture.
  • Sellers and listing agents will give more weight to an offer which is accompanied with a pre-approval letter as it lets them know the buyer is capable of closing the sale – in fact most sellers these days will not accept an offer without a preapproval. Once you have an accepted offer and are ready to finalize your loan details, we recommend shopping around for loans.

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