Before you set out on your search for a new Atlanta home, we recommend that you get pre-approved for a mortgage loan. Besides allowing you to make a confident and competitive offer on a home that you love, a pre-approval can help you determine the maximum amount you are able to offer. Homes in the Atlanta market are currently moving quickly, so it’s a good idea to contact a lender early in your home search to complete your pre-approval. This will give you a general idea of the type and amount of mortgage you qualify for, and will also save you time because you will know in advance the price range of homes you should be viewing. Best of all, a reputable lender will complete the pre-approval process without any fees or obligations required from you. You will be asked questions about your income and monthly debt obligations so that the lender can determine your buying power.
Having a lender pre-approval letter ready in hand before you even start your search can be valuable for several reasons:
- Your house-hunting process will be more efficient.
- You will know up front exactly how much you can budget for your new home.
- You will gain negotiating power when it comes time to make an offer.
- You can shop for a home with the confidence that you will be able to obtain a mortgage loan on the home you love.
- You can close on your dream home more quickly.
Obtaining lender approval in advance allows you to select the best loan package without being under any pressure. You won’t waste time considering homes you cannot afford and you will know ahead of time exactly what your monthly payments will be when you finally do go under contract on your Atlanta dream home.