Pre-Approval
Determine What You Can Afford
Figure out how much cash you have for a down payment.
Find out your credit score and whether you need to take action to remediate.
Calculate how much you’d be comfortable spending. Consider your lifestyle and how this purchase may impact your monthly budget.
Meet with a lender to discuss your options. They will look at your credit, all accounts, income, and debt history to calculate what you can realistically aford.
QUICK TIPS
Rates change on a daily basis and pre-approval usually expires after a few months.
Be mindful when shopping for rates. A pre-approval involves pulling credit. Doing this too many times in a short timeframe may negatively impact your credit score.
Avoid purchasing activity that can impact your debt-to-income ratio, such as buying a car, charging expensive items to your credit card, or taking out a personal loan.
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