Getting preapproved for a mortgage is an essential part of the home-buying process. While it’s possible to wait before securing your financing, there are major benefits to getting preapproval early.
For more information about preapproval, here are the basics to consider:
It’s recommended that would-be homebuyers obtain a preapproval letter from a mortgage lender as soon as possible in their buying process. The earlier you take care of this important step, the earlier you’ll know exactly how much money you can afford to spend on a home. This can help you narrow down your home search.
In addition to helping your home search, getting mortgage preapproval also shows sellers you are a qualified buyer. Preapproval requires a careful examination of your financial situation, including factors like debt-to-income ratio and liquid assets.
Going through the process confirms your eligibility for a mortgage and communicates to sellers that you’re less likely to back out of a sale.
Compare mortgage lenders to find the best fit for your needs. You can request a loan estimate and mortgage preapproval letter from a lender after providing essential documentation like investment account statements, bank statements, pay stubs and credit report.
If you intend to buy a home, it’s a good idea to get preapproved for a mortgage sooner rather than later. The more prepared you are with your finances, the more effective your home search will be.
Capital Realty was founded by attorneys and investors offering an unparalleled real estate experience. Whether your real estate needs are residential, commercial, leasing, property management, negotiation, or making connections with lenders; we are here to consult and guide you as trusted real estate advisors.
The Mezini team at Captial Realty comprises attorney Michael Lord and attorney Femion Mezini previously with Buyers Brokers Only, LLC, brokers Alex Connor and Brandy Ciccarelli. Femion brings a wealth of knowledge and accolades as the top buyer's broker in the country in 2021, serving to strengthen and enhance the real estate expertise that comes from working with the Mezini Team at Capital Realty.
Together, the team will expand coverage of the Greater Boston real estate markets, decrease response time to client inquiries, and provide a more streamlined approach to your real estate priorities. The Mezini team's success is largely attributed to our repeat happy clients and an extensive network of referrals. Our real estate goal is to work diligently to help educate our clients. Whether selling your home or looking to buy/invest, we deliver results with the best possible terms while making the process smooth and stress-free.
