Pre Qualify

Talk to a mortgage professional before house hunting!

The first thing you need to do is get pre-approved. This is different from pre-qualifying, as it is a full loan approval instead of an opinion letter. Take this step before looking at homes. Finding out what you qualify for will help you search in the right price range. You would be disappointed if you found a home you liked and then found you couldn’t qualify for it. By the same token you may be able to look at more home than you originally thought possible.

Benefits of getting pre-approved:

Determine How Much Home You Can Afford
A Signet Mortgage professional can determine your purchasing power, which gives you a guideline as to how much home you can afford – before you start looking. We will show you a variety of different types of financing and will determine how much you qualify for with each of those types. Based on your desired payment level and type of financing with which you feel comfortable, we can determine your purchasing power.

Know What Your Monthly Payment Will Be
Before picking a price range, you should make sure that you are comfortable with your total monthly payment: principal, interest, taxes, insurance (mortgage insurance and HOA dues, if necessary).  This has to fit with your overall debt obligations.

Become a Cash Buyer
In today’s market, buyers are not the only parties concerned about financing. Sellers are equally concerned. Getting pre-approved puts you into a better negotiating position, as the seller knows you are ready, willing and able to buy, and the financing is not in question. Those buyers who are not pre-approved will have less chance of obtaining an accepted offer on the house they wish to buy, and are therefore at a disadvantage.