Figure out Financing/ Prequalify for Home

If you’re going to get a loan to purchase your property, you’ll need to speak with a lender to identify how much home you can afford. During this initial pre-qualifying process, your lender will help you understand how much down payment you’ll need, what closing costs will be associated with your purchase, and your estimated monthly mortgage payment. Being armed with a pre-qual letter to present with your purchase offer shows the seller that you are a serious buyer. If you decide to purchase your home with all cash and forego a loan, in lieu of a pre-qual letter, you’ll need to present the seller with bank statements that serve as your proof of funds to show that you are able to close escrow.

Pre-Approval requires having qualifying credit. Lenders generally consider:

• Character: Indicated by your financial integrity
• Capital: Provided by the value of your assets/income

Once pre-approved you can start submitting offers.

*Pre-approvals are subject to property underwriting and appraisal. Borrower must satisfy pre-approval conditions outlined in the commitment letter. Loan Amounts subject to property appraisal.