You should seek pre-approval for a mortgage when you’re ready to start seriously looking at homes and considering making an offer. Here are some specific situations when it’s a good idea to get pre-approved:

  1. When you have a clear idea of your budget. Before you start house hunting, it’s important to have a clear idea of how much you can afford to spend on a home. A mortgage pre-approval can give you a better understanding of what a lender is willing to give you based on your income, credit, and other factors.
  2. When you’re ready to make an offer. In many housing markets, sellers expect buyers to have a mortgage pre-approval letter when they submit an offer. This shows the seller that you’re serious about buying and have the financial means to follow through with the purchase.
  3. When the market is competitive. In a competitive housing market, homes can sell quickly. Having a mortgage pre-approval can give you an edge over other buyers who may not be as prepared.
  4. When you want to narrow down your search. If you’re unsure of what price range you should be looking at, a mortgage pre-approval can provide clarity. You can narrow down your house search to homes that are within your pre-approved limit.

Remember, a pre-approval is not a guarantee of a loan. It is, however, a strong indication that you will be approved for a mortgage of a certain amount. Also keep in mind that pre-approvals have an expiration date, typically 60-90 days, so you’ll want to start looking at homes shortly after getting pre-approved.

Get connected with a local mortgage professional now by clicking the get pre-approved button below.

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