How to Determine Your Home Buying Power

    Create a Stronger Negotiating Position – Get Pre-Approved!

    The first step in the search for you dream home is getting Pre-Approved for a mortgage. Receiving that Pre-Approval letter is imperative to your home search.

    Get PRE APPROVED with a reputable LOCAL lender!

    A Pre-Approval Letter is more reliable than a Pre-Qualification letter. A Pre-Qualification is easy to get online or quickly through any Mortgage Lender or Broker. The truth is, you really are not sure what your buying power is until you receive a full Pre-Approval Letter from your Mortgage Lender. Your Lender will ask for any documentation to confirm your employment, documentation of your down payment and other aspects of your current financial circumstances.

    Determine your Pre-Approval Amount AND your Monthly Expenses

    Once you have been pre-approved for your mortgage, you must take into account your entire monthly expenses that will affect your overall monthly payment. Don’t forget about your Property Tax Escrow, Homeowners Insurance, Private Mortgage Insurance (PMI) if required and possible monthly Homeowners Association dues. It’s important to work with an experienced Ann Arbor Realtor ® and Mortgage Lender so that you may gather your monthly expenses before determining your full buying power.

    Shop Around for the Best Lender

    We recommend that you find a Lender that’s a good fit. Most Mortgage Lenders offer an array of different programs for home buyers. We have a variety of local institutions that we utilize regularly. Ask your Realtor for a list of local lenders.

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