Why You Should Get Mortgage Preapproval BEFORE You House-Hunt

When you’re looking at a house for sale in Turtle Ridge, a townhome for sale in University Park, or a home for sale in Woodbridge or Westpark, you’re going to want to get mortgage preapproval before you make any commitments.

In fact, you may want to get preapproved before you even start house-hunting.

What is Mortgage Preapproval?

Mortgage preapproval is an approval from your lender that says they’ll let you borrow money to buy a home if your current financial situation doesn’t change.

It’s a way to show sellers you’re serious – and qualified – when you find your dream home, too. (If you haven’t been preapproved, sellers may shy away from accepting your offer because you might not actually qualify to buy the house.)

How Do You Get Preapproval?

Talk to your lender. (If you don’t have a lender, your Irvine Realtor® may be able to point you toward local lenders that specialize in home financing.)

You’ll need to provide your lender with documentation that shows how much money you make each month, what your expenses are, and that you have steady employment. You may need to provide W2 statements, check stubs, and past bank account statements, as well.

Your lender will let you know exactly how much they’re willing to let you borrow based on the information you provide. (The side benefit to that is that you won’t waste time looking at houses that are above – or below, even – your price range.)

Are You Thinking of Buying a Home in Irvine?

If you’re thinking of buying a home for sale in Irvine, call us at 949-385-1684 or get in touch with us online. Tell us what you want from your next home… we’ll help you find it.

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