Smart women get pre-approved for a mortgage

Why a mortgage pre-approval could make a huge difference in your house hunt

Women, by nature, are prepared for anything. We get the kids out the door and on the bus in record time. We can prepare a five course meal in under an hour, and when it comes to buying a house, we know, down to the dime, just how much money we can afford to spend. Or do we? When it comes to planning for a mortgage, don’t just trust your womanly intuition. Get a professional estimate and an income verified mortgage pre-approval from a professional mortgage broker.

What is a mortgage pre-approval?

A pre-approved mortgage puts you one step closer to purchasing your dream home. This is because your mortgage broker has gone ahead and performed an in-depth analysis of your overall financial situation. Once your broker has crunched the numbers and spoken with lenders, he or she will be able to pre-qualify you for a mortgage and determine roughly how much money you’ll be able to borrow. But don’t stop there! Pre-qualification is just the first step to becoming fully approved.

In order to become officially pre-approved, you will need to complete a mortgage application and supply your lender with the necessary documentation to perform a check on your financial background and credit history. If you’re worried that your credit score is a tad high (one too many trips to the local outlet mall perhaps!), don’t fret just yet. Women can still qualify for a reasonable mortgage rate even with less-than-perfect credit. A good mortgage broker will be able to work with your current financial situation and help you prepare for the future. Once the pre-approval is complete, your lender will provide you with a written conditional mortgage commitment that states the exact mortgage amount, term, interest rate, and expiration date. You’re now fully prepared to begin your house hunt!

Words of wisdom

It’s important to note that a home mortgage pre-qualification and income verified mortgage pre-approval are not the same thing. What’s more, you shouldn’t assume that your lender will provide you with a mortgage simply because you have completed the first qualification step. Failure to realize this could cost you your new home!

The benefits of mortgage pre-approval

An income verified mortgage pre-approval provides financially-savvy women with the knowledge and security they need to start house hunting with confidence. The following are two big benefits of mortgage pre-approval:

1. A better budgeting plan

   Once you’ve been pre-approved for a mortgage, you’ll know exactly how much money you can spend on a home, as well as what your biweekly or monthly mortgage payment will be. This will enable you to create a better monthly budget and help you prepare for unexpected expenses.

2. Increased negotiating power

   Mortgage pre-approval is a good step to take before shopping for a home because it shows the sellers that you’re ready to commit to a purchase. If you’re a single woman looking to purchase your first home, pre-approval will help strengthen your offer and improve your chances of sealing the deal.

Make sure you’re fully prepared to purchase your first home. Use online mortgage calculators to start building your budget and don’t forget to get pre-approved for a mortgage before you begin attending open houses.