Step 3: The Pre-Approval Process

Step 3: The Pre-Approval Process

Getting pre approved for a loan is the most important step in buying property. Unless you’re an all cash buyer, you need a loan to make this purchase. Remember, the last thing you want, is to waste precious time searching for a home and then find out that you’ve been in the wrong price range the whole time, that’s why this is the most important step.

Like I mentioned in my last video, your Realtor can help direct you to a lender that they know and trust if you don’t already have one. 

The Pre approval process goes like this:

You fill out an official application with your lender and you provide them with documentation to perform a check on your financial background as well as your current credit rating. 

This process allows the lender to know approximately how much you're approved for, what your interest rate will be and also a good idea of what your monthly mortgage will look like in that price range. Now that you know what you're pre approved for it will give your Realtor a chance to find you that perfect home in the price range you can afford. 

Bam! Now the fun starts. Click here to read all about it!

Written by Sara Muir

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