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 give you a "hard approval", we have determined how much of a monthly mortgage payment you can afford and how much we can loan you. We do this by verifying your income and debts, your employment and residence situations, your available funds for down payment and required reserves, and any variables. It's the only way to have a valid approval letter in your hand for honest house negotiations.

Once we have issued your "hard approval" letter, you can have us fax it to your realtor or your attorney.  They will be able to present it to the seller of the house you choose, along with your purchase offer contract.  This valuable letter advises all parties that you stand ready to close subject to getting an appraisal on the house.  It means that your credit and assets have already been verified and your credentials make  you an excellent buyer.

Your real estate agent will help you decide on an appropriate offer, but having a hard approval leaves no doubt as to your ability to get financing.  It's already done!  Often buyers are only "pre-qualified" or "pre-approved" by other lenders.  That type of review does not mean that financing is guaranteed. 

Imagine shopping for days or weeks for the perfect house.  Now imagine that 2 or 3 other buyers also put an offer in at the same time.  To a home seller, your hard approval is what tips the scales toward accepting YOUR offer.  They won't have to wonder if they're wasting their time because you've only been pre-qualified.  Your offer will be like cash on the table because you've already obtained your financing. 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 Hard-Approval Letter! For another thing, we might be able to find a different mortgage program that is more suitable to your needs.