If you are looking for a new home, be sure you are pre-approved. With a mortgage pre-approval, a licensed mortgage professional can do a more complete verification prior to sending you shopping for a home, and with that done, the dollar figure you are going shopping with is actually what you can spend.
When you decide that it’s time to buy your very first or your next home, getting pre-approved for a mortgage should always be the first step.
The first step in the mortgage pre-approval process is getting a complete and accurate mortgage application. The application is your complete financial resume of where you have lived and where you have worked for at least the previous 3 years. Detailed information is needed about your income, debts and assets like savings and investment in order for me to calculate how much a mortgage that you can likely be approved for. Have a look at my video below where I go over a mortgage application for some fictitious clients and what information I would need to collect from home buyers like John & Jane.