Gresham Locals Looking To Buy A Home Should Get A Mortgage Pre-Approval
When you’re looking to buy a home, having a mortgage pre-approval can be a huge benefit. Getting a mortgage pre-approval involves providing detailed information on an application which includes your income, debts, and assets. The lender does a hard credit check. Once approved, hopeful Gresham home buyers will receive a loan estimate telling them the maximum amount they can borrow.
Here are a few reasons getting a mortgage pre-approval is useful for Gresham home buyers.
A Pre-Approval Gives You A Better Idea Of What You Can Afford
Many people looking to buy homes in the Gresham area make the mistake of looking at homes they want without knowing what they can afford first. Getting your heart set on a home that is out of your budget isn’t advisable. A pre-approval can help determine how much you can afford and what a lender would be willing to lend you.
Whatever amount you are pre-approved for, aim to stay under the maximum limit. Getting pre-approved for a $300,000 loan means you should look for a home that’s less than that. If you plan on making a 20% down payment, then you can look at houses in the $360,000 and below range as a rough starting point. Gresham home buyers should also take other costs into account. How much do you spend per month on groceries, or on car insurance? Factor these things into how much house you will actually be able to afford. Lenders generally want no more than 28 percent of your gross monthly income before taxes to go to housing expenses, including mortgage payment, property taxes, and insurance.
A Pre-Approval Gives You A Competitive Edge Against Other Potential Buyers
A pre-approval letter for a mortgage tells sellers that you are serious about seeking out a home. The housing market is extremely competitive, and you need all the edge you can get. Don’t make the mistake of leaving the boring paperwork for later while indulging in the excitement of looking for your Gresham home right away. You don’t want to make an offer against another buyer who has been pre-approved for a mortgage when you have not.
A Pre-Approval Letter Makes Agents More Welcoming To Your Offers
As mentioned before, getting pre-approved for a mortgage shows how serious you are about purchasing your home. Most agents are going to be more interested in offers that come with a pre-approval letter. Some agents may not even consider offers that come without a pre-approval letter attached.
Get Pre-Approved Online At Stonebridge Mortgage Group
Stonebridge Mortgage Group is happy to make the pre-approval process easier for our Gresham clients. If you have questions about what you need to apply for a pre-approval online, feel free to contact us or call us. We can help. Once you have the necessary documentation ready, you’re ready to apply online for mortgage pre-approval!
Stonebridge Mortgage Group Offers Guidance On All Mortgage Matters
For professional assistance with mortgages and related services, look no further than Stonebridge Mortgage Group. You can rely on Stonebridge Mortgage Group to help guide you through the home buying process. We help get you pre-approved for a mortgage and help with your real estate loans and other mortgage solutions, both residential and commercial. Stonebridge Mortgage Group serves the greater Portland area and is located in Gresham, Oregon. Don’t wait to get quality assistance with buying your home!
Call us today at 503.661.5580