I’ve been speaking with a home buyer who asked me to connect him with a mortgage person for a pre-approval.
A mortgage pre-approval is an important part of the home buying process, and the earlier the better.
By speaking with a lender, you’ll understand exactly what you qualify to borrow. This will give you credibility at the negotiating table, a protected interest rate, and guidance to substantially streamline the home search process.
Now, my broker pre-approved my client to buy a home worth $500,000. The client responded by saying, he has “a friend in the business” who told him he could spend up to $650,000.
This is not an indication that his “friend” has some pull that the first mortgage broker didn’t have, it’s an indication that someone has made a mistake.
The amount of mortgage money that you can qualify for is arrived at using mathematics.
It really is as simple as that.
In this video, I explain how these numbers work.
Thanks for watching.
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