Buying

Getting financing pre-approval

In real estate, money talks.

Unless you're purchasing in cash, determining the loan amount you qualify for is important. We'll connect you with a mortgage broker, who'll determine how much a bank will lend you. Banks have different words for it: “pre-qualified,” “pre-approval” or “a fully underwritten pre-approval.” They'll help you understand financing options, what your down payment and additional closing costs will be, and place you in a better negotiating position.

Once you have your price range, you need to take into account closing costs, moving costs, taxes, and possible HOA fees.

We'll walk you through it.

Lenders our clients like

You are free to use any lender you choose. Here are three lenders that a lot of our clients work with and have been satisfied with.

Calculators

Qualifying for a loan

Here's what matters to lenders.

Your credit
Establishing a good credit score will help you secure more favorable financing terms.
Job history & stability
A consistent job history within the same company or industry is ideal, but career advancement may also be acceptable.
Debt-to-income ratio
This is a crucial factor the lender uses to determine how much you can afford to spend on housing. The lender looks at all aspects of your income and debt, as well as factors in your anticipated new principal and interest loan payments, your property taxes, your insurance costs, and any other relevant housing costs.
Money, money, money
This is where the lender verifies your funds for your down payment, your closing costs and your cash reserves.
Property security
The lender will require an appraisal by a certified fee appraiser to verify the property's marketability, condition, and value, ensuring sufficient collateral for the loan.

Don't worry if you don't meet all of the guidelines. Lenders work through a variety of circumstances and different loan products. And we're here to help.

Let's set you up for success

Applying for a home loan can be a sensitive process.

Don't make big purchases
A large payment or other significant purchase, such as a car, furniture, and appliances, can impact your debt-to-income ratio and prevent you from qualifying for a loan.
Don't pay off debt
Talk to your loan officer about your best strategy. They may prefer you keep the debt and maintain higher cash reserves instead of depleting your cash reserves to pay down debt balances.
Don't move assets or consolidate bills
Transfers from one bank to another appear as new deposits, which can complicate the application process. If you do need to move money around or adjust your finances, speak to your lender first.
Don't change jobs
Your lender will do one last employment verification just before funding your loan. Any undisclosed changes to your employment can jeopardize your loan, your deposit and your ability to buy a home.
Don't run your own credit report
It will show up on your lender's credit report and need to be explained in writing.