Before embarking on the mortgage journey, it’s imperative to obtain pre-approval for a loan. Pre-approval establishes a clear understanding of your borrowing capacity and strengthens your position as a competitive buyer in today’s competitive housing market. During the pre-approval process, lenders assess your financial history, income, and assets to determine the maximum loan amount you qualify for. With a pre-approval letter in hand, you can confidently search for homes within your price range and negotiate with sellers from a position of empowerment.
Factors Influencing Mortgage Selection
Several key factors warrant consideration when selecting a mortgage:
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