Getting preapproved for a mortgage gives you a firmer handle on how much you can afford, and it’s helpful when you make an offer on a house because it shows sellers you’re financially qualified. Once you’re ready to apply for official approval, you’re not obligated to stick with the...
Preapproval is an optional, but generally recommended, process many homebuyers go through before applying for their mortgage or making an offer on a house. During preapproval, your lender thoroughly reviews your finances, assessing details like your credit score, income and debts to estimate a pote...
Getting pre-approved(预先批准的) for your mortgage(按揭) loan is recommended before you start shopping for a house. A pre-approval allows you to know in advance how much you have to spend on a house. It also gives you a buyer's advantage over other buyers, who haven't been approved ...
Step 2: Figure out how much house you can affordWhen you get pre-approved, your lender will tell you the maximum amount you’re able to borrow (we’ll talk more about the pre-approval process later). But you don’t need to wait for the pre-approval to get a general sense of what...
“It’s highly recommended that you work with your lender to get pre-approved before you begin house hunting. Pre-approval will tell you how much home you can afford and can help you move faster, and with greater confidence, in competitive markets.” ...
For a long time, George Petropoulos and his wife Janae wanted to move on from their starter home, but they couldn't find a house in their area that fit their needs and style. "We knew we wanted to stay within the community we loved, but everything seemed overpriced and not the upgrade...
Preparing To Buy A House First time home buyer: Are you financially ready to buy a home? How to Prepare to Buy a House in 8 Steps: 2025 Guide How much down payment do you need for a house? Finding Your Home Buying Budget Why every home buyer needs a pre-approval before home shopping...
I remember with our first house, we didn't even have a pre-approval, and we struggled with the mortgage. Honestly, there were three places we applied, and we didn't get the amount we were looking for. We couldn't get the approval and we had to let that house go. Don’t overspen...
Having a complete understanding of your budget and how much house you canaffordis essential. The best way to know this is to get pre-approved for a loan early in the homebuying process. Only 44% of today’s prospective homebuyers are planning to apply for pre-approval, so be sure to ta...
Buying a house is often among the most significant purchases in your lifetime. When you find a house you want to buy, you should first figure out if you can afford it, then ask your lender for a pre-approval letter, which means the lender believes you are likely qualified for a mortgag...