When homebuyers ask me about pre-approvals, one of the questions I hear most often is, “Should I get pre-approved with a lender before making an offer?”

Our recommendation is to always get a pre-approval before you even start looking for houses. There are a few reasons for this.

First off, you know what your payment will be. This will allow you to set your budget and figure out what you’re most comfortable with paying each month.

“A lender can factor in all of your information to give you an accurate estimate.”

If you’ve used online calculators to determine your costs but haven’t gotten a pre-approval, that might not be the best idea. The online calculator assumes 20% down, along with taxes and insurance figures that you won’t necessarily have. 

A lender can factor in all of your specific details and let you know where your payment will be each month within a few dollars. This ensures that you are paying what you’re comfortable with and not overextending yourself.

Another reason you want to be pre-approved is that we’re in a competitive market right now. You want every edge you can get, and having a full pre-approval definitely gives you that.

If you have any questions for me about the pre-approval process or need any recommendations for a local lender to work with, don’t hesitate to give me a call or send me an email. I look forward to hearing from you soon.