Should you talk to a mortgage professional before house hunting?

Absolutely! Even if you haven't so much as picked out houses to visit yet, it's important to see your mortgage professional first. Why? What can we do for you if you haven't negotiated a price, and don't know yet how much you want to borrow?

When we pre-approve you, we help you determine how much of a monthly mortgage payment you are comfortable with and can afford, and which loan program is best suited to your specific situation. We do this by considering your income and debts, your employment and residence situations, your available funds for down payment and required reserves. Many times we need to structure the purchase contract in such a way to have the seller pay some of the closing costs if you are unable to. This we will have to determine before you make an offer. 

Once you are pre-approved, we give you what's called a Pre-Approval Letter, which says you are pre-approved for that purchase price.

When you find a house that catches your eye, and you decide to make an offer, being pre-approved for a mortgage will do a couple of things. First, it lets you know how much you can offer and what your payment will be. Your real estate agent will help you decide on an appropriate offer, but being pre-approved gives you the confidence to know what your payment will be and how much money you will need to close the deal.

More importantly, to a home seller, your being pre-approved is like you walked into their house with a suitcase full of cash to make the deal! You have the clout of a buyer ready to make the deal right now!

You can always use the calculators available on our site to get an idea of how much mortgage you can afford -- but it's important to meet with us. For one thing, you'll need a Pre-Approval Letter! For another thing, we may be able to find a different mortgage program that fits your needs better. If you are having an impound (escrow account) you will need to know what your property tax and homeowner's insurance payment will be in addition to your principal and interest payment. We may need to add an interest only feature to help you qualify for the home you want. You will also need to know what your closing costs will be.