Financing

As noted on the calendar of events getting pre-approved for a loan is the first step in the home buying process. You have to know what you can spend before you start looking. And while the tools on this site may give you a rough indication, you need to have a pre-approval to be sure.

A pre-approval is when a lender tells you how much they will give you for a loan. This number is a product of you income to debt ratio. You credit score also plays a part.

To get pre-approved you simply need to choose a lender and call them. Normally they can do it right over the phone. Just make sure you get pre-approved NOT pre-qualified. Pre-approval tells you what they lender will give you, a pre-qualification doesn’t tell you anything.

Contact us with any questions about this topic.