Is it necessary to get pre-approved by a lender before I begin the home search?
No, you are not required to get pre-approved, but we recommend that you do so if you are getting serious about buying a home and need financing. This will:
- Help you narrow down the price range for your home search. The pre-approval process will help you understand what you can afford by evaluating your potential monthly mortgage payment and other financial obligations in comparison to your income.
- Ensure that you have saved enough for a down payment and the other costs associated with completing the transaction.
- Assist in your negotiations with the seller when you find the home of your choice. Before a seller signs a purchase contract and takes their home off the market, they want to know that the buyer submitting an offer has been pre-approved for a loan by a trusted lender.
CapCenter will be happy to provide a free, no obligation Pre-Approval Letter to you. It’s easy and fast -- simply complete our electronic application and we will contact you shortly. Your Loan Consultant will then provide a Preapproval Letter and Clarity Statement which document the loan amount for which you are approved and the costs associated with the loan transaction.
Your CapCenter Real Estate Agent will simplify and share information about the mortgage-related terminology, loan options, and all the numbers on the pre-approval. We will make sure you have a firm understanding of your debt to income ratio, estimated monthly mortgage payments, cash to close, escrows, pre-paids, closing costs, and if applicable, mortgage insurance.
Get pre-approved in as little as 1 hour by applying on our fast and easy online application portal.