First Time HomeBuyer Series- Step 1 ...Get Preapproved

Step 1: Get Pre Approved for a Mortgage.



A lender will assess your credit-worthiness and eligibility for a home loan before you formally apply in a process called pre-approval. 

By evaluating your household income, your savings and your existing debt, a lender can tell you “how much house” you can afford. (For a quick, do-it-yourself estimate of your mortgage limit, use the Mortgage Payment Calculator)

During the preapproval process, you might want to also ask your lender to provide you with a list of potential closing costs. A lender is not required to provide you with a formal quote of these costs until you actually apply for a mortgage, but it may be prudent for you to have this information early so you can budget for the overall costs of the home purchase.

Though a preapproval is not a guarantee of obtaining a mortgage on the home you hope to buy, obtaining a preapproval before you make an offer on a home can strengthen your negotiating position. A seller who is confident in your ability to finance the purchase of a home is likely to seriously consider your offer.

Remember that you are under no obligation to obtain a loan from the lender that pre-qualifies you. However, the lender can answer questions and provide further details on the preliminary financial assessments and decisions you need to make as you prepare for homeownership.

CLIENT REVIEWS

Reviews on Zillow
1576443
"Mary Beth's work showed integrity and honesty. She fought hard on my behalf during the negotiation process. She knew the local area and also briefed ... more "
5.0/5.0
by Ag_120179
1041872
"As a first-time home buyer, I was really not sure what to expect about the buying process, but Mary Beth Nunez made it easy.within a couple of weeks ... more "
5.0/5.0
by coarhomemaster