Before we start seriously looking at homes, I want to make sure we know what the numbers look like.
A mortgage pre-approval helps us understand the price range that makes sense for you, what your estimated financing may look like, and how comfortably a particular home fits into your plans. It also puts us in a much better position when we find a home you want to pursue.
Getting pre-approved does not mean you have to buy a home. It means we have better information before we start making decisions.
Why I Want You Pre-Approved Before We Start Looking
Finding the house is only one part of buying it. Once we find the right property, we need to be prepared to put together an offer based on real numbers rather than estimates from a mortgage calculator.
Your pre-approval helps us establish the price range we should be looking in and gives us important information about your financing. When it is time to write an offer, I can also work with your mortgage loan officer to make sure we understand the financing terms that could affect the contract.
In Texas, financing can influence more than your monthly payment. Loan type, down payment, appraisal requirements, lender timelines, closing costs, and other financing considerations can affect how we structure an offer.
That is why I prefer to work through the financing side before we find the house you want.
Pre-Approval Is About More Than Your Maximum Price
One of the first questions buyers ask is, “How much can I qualify for?” That is useful information, but I think there is a better question: How much do you actually want to spend?
The maximum amount a lender may approve and the amount you are comfortable spending every month do not have to be the same number.
A good conversation with a mortgage professional can help you look at estimated monthly payments, down payment options, cash needed for closing, loan programs, interest rates, taxes, insurance, mortgage insurance when applicable, and other costs associated with financing a home.
From there, we can build a home search around numbers that make sense for you.
Help Me Get Pre-Approved • robbieenglish.com
What Does a Mortgage Lender Look At?
The lender will generally review information such as your income, employment, credit, debts, assets, and the funds you expect to use toward the purchase.
Depending on your situation and loan program, you may be asked to provide documents such as:
- Recent pay stubs
- W-2s or tax returns
- Bank or investment account statements
- Identification
- Employment information
- Information about current debts and obligations
If you are self-employed, own a business, receive commission income, have investment properties, or have another less traditional income situation, the lender may need additional documentation.
You do not need to figure all of this out before speaking with someone. A mortgage professional can tell you exactly what is needed for your situation.
Pre-Qualification and Pre-Approval Are Not the Same Thing
You may see lenders use the terms “pre-qualified” and “pre-approved” differently, so it is worth asking exactly what has been reviewed.
A quick online pre-qualification based primarily on information you provide may be useful as a starting point. When we are preparing to make an offer, however, I want to know that a lender has taken a meaningful look at your financial picture and is comfortable with the financing represented in our offer.
The stronger the lender’s review on the front end, the fewer financing surprises we are likely to encounter later.
Why the Mortgage Loan Officer Matters
I care less about whether your lender has the biggest advertising budget and more about whether the person handling your loan is good at their job.
When we are under contract, I need a mortgage loan officer who communicates, understands the contract deadlines, responds when we need something, keeps you informed, and works with the other people involved in the transaction.
Sometimes I may need to speak with your lender before we submit an offer. Sometimes we need an updated pre-approval letter for a particular property. Sometimes a financing question comes up on an evening or weekend when we are preparing an offer.
Accessibility matters.
I regularly work with mortgage professionals who understand the Greater Austin real estate market and have demonstrated that they take care of my clients. You are never required to use a lender I recommend, and you are welcome to choose your own.
Already Have a Lender? That’s Fine.
If you already have a mortgage lender you trust, send me their information. I am happy to work with them.
I will want to understand what type of financing you are using, the amount you have been approved for, whether there are any financing conditions we need to consider, and how easily we can reach your loan officer when we are preparing an offer.
My goal is not to choose your lender for you. My goal is to make sure the financing side and the real estate side are working together.
Don’t Have a Lender Yet? I Can Help.
You do not have to pick a mortgage company based on an advertisement or fill out forms with five different websites hoping somebody calls you back.
Tell me a little about what you are trying to accomplish, and I can introduce you to a mortgage professional who may be a good fit for your situation.
That could include buying your first home, moving up or downsizing, purchasing a condominium, relocating to the Austin area, buying an investment property, or simply figuring out whether buying right now makes financial sense.
Getting pre-approved isn’t a commitment to buy a house. It is how we get the information we need to make better decisions.
When you’re ready, let’s get the financing piece in place so we know exactly where we stand before the right house comes along.
Ready to get pre-approved? Contact me and I’ll help you take the next step.
