Before beginning your home search, get pre-approved with AMEC to save you time, energy, and frustration. Having an AMEC pre-approval letter in hand will also help you get the best deal possible on the market.
Why is it important to get pre-approved?
Pre-approval can help you:
• Determine how much you can afford to spend on a home. Pre-approval shows you how much you can afford to spend on a home based on your debt, income, and credit.
• Increase your bargaining power. Knowing how much home you can afford can give you more bargaining power when negotiating with a seller.
• Determine what your total investment will be. You will have an estimate of how much money you will need for closing costs and down payment.
• Estimate what your monthly payment will be. You will be able to tell (approximately) what your monthly principal, interest, taxes, and insurance (PITI) will be.
• Identify which loan program will fulfill your needs. There are many loan programs. It is important to know which you qualify for and which will fit your needs.
• Evaluate your debt and credit history. Restructuring your debt to improve your credit score could potentially help you afford a home and have lower monthly payments.
• Add validity and strength to your offer. Sellers are more likely to accept your offer when they find out you are pre-approved.
• Make sure your financial documents are ready. You will know at pre-approval which supporting financial documents need to be submitted with your loan application. This will help speed up the loan approval process.
Have questions or ready to get pre-approved? Contact us today!