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484.320.7080

Stop Wondering What Your Budget Is & Get Pre-Approved


Budget Pre Approval

In many markets across the country, the number of buyers searching for their dream homes outnumbers the number of homes for sale. This has led to a competitive marketplace where buyers often need to stand out. One way to show that you are serious about buying your dream home is to get pre-qualified or pre-approved for a mortgage before starting your search.


Even if you are not in an incredibly competitive market, understanding your budget will give you the confidence of knowing whether or not your dream home is within your reach.


Freddie Mac lays out the advantages of pre-approval in the ‘My Home’ section of their website:


“It’s highly recommended that you work with your lender to get pre-approved before you begin house hunting. Pre-approval will tell you how much home you can afford and can help you move faster, and with greater confidence, in competitive markets.”

One of the many advantages of working with a local real estate professional is that many have relationships with lenders who will be able to help you through this process. Once you have selected a lender, you will need to fill out their loan application and provide them with important information regarding “your credit, debt, work history, down payment and residential history.”


Freddie Mac describes the ‘4 Cs’ that help determine the amount you will be qualified to borrow:


Capacity: Your current and future ability to make your payments


Capital or cash reserves: The money, savings, and investments you have that can be sold quickly for cash


Collateral: The home, or type of home, that you would like to purchase


Credit: Your history of paying bills and other debts on time


Getting pre-approved is one of many steps that will show home sellers that you are serious about buying, and it often helps speed up the process once your offer has been accepted.


Bottom Line

Many potential homebuyers overestimate the down payment and credit scores necessary to qualify for a mortgage. If you are ready and willing to buy, you may be pleasantly surprised at your ability to do so today.

I can help you navigate the home buying process and save you time, and certainly save you money. I get paid on commission by the seller when I bring them a buyer, so my services are completely free to home buyers. It is important for you to have your interests represented during the home buying process.

See you next time. 

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Jennifer Sofield

Paoli

Malvern

Daylesford

Devon

Berwyn

Radnor

Lower Merion

Strafford

Villanova

Bryn Mawr

Wayne

Gladwyne

Penn Valley

Saint Davids

Rosemont

Haverford

Narberth

Ardmore

Bala Cynwyd

Wynnewood

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Ready to Get Started? 

Copass Real Estate -Main Line

Compass RE - Jennifer Sofield - Agent

Suburban Square

6 E Montgomery Avenue, Suite 105

Ardmore, PA 19003

Jennifer Sofield is a team of Pennsylvania real estate licensee affiliated with Compass RE and the Town & Line Team. Compass RE is a licensed real estate broker and abides by equal housing opportunity laws. All material presented herein is intended for informational purposes only. Information is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. No statement is made as to accuracy of any description. All measurements and square footages are approximate. This is not intended to solicit property already listed. Nothing herein shall be construed as legal, accounting or other professional advice outside the realm of real estate brokerage. Compass RE Main Line office phone:  (610) 822-3356. Broker of Record: John Bilek. 

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Phone: 484.320.7080

Text: 484.320.7080

Email: hello@jennifersofield.com

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