1st Step In Home Buying Process - Pre-Approval!

Real Estate Broker/Owner with Heart Realty Group, Inc.. IL-471.002355

In today's world it's so easy for homebuyer's to search for homes online - virtual tours, a lot of interior pics, google earth for those neighborhood views.  It's great to have an informed buyer that knows what type of home they want, can pinpoint the neighborhood and sometimes even the exact home they want to look at and possibly put an offer on.  It's exciting having all this information at a touch of a mouse but the most important information can sometimes be overlooked by the most saavy buyer - 1.  How much can I afford and how much of mortgage can I get approved for?


Here are some of the main reasons that today's professional real estate agent will not take buyers out to see a home - whether in person and in today's current - Touchless "virtual" environment arrange for a Facebook live, Zoom or other virtual tour.  A pre-approval helps to answer the following additional questions:


  • What will my monthly mortgage payment be?
    • What comprises a monthly mortgage payment:
      • Principal - Amount of loan you get approved for.
      • Interest - Amount of interest you finally get.  Why do I say, "finally"?         Because interest rates flucuate on a daily basis and until you "lock-in" the rate with your loan/mortgage professional the interest rate can flucuate.
      • Property Taxes - Changes yearly based on location
      • Home Owner's Insurance - Can change yearly
      • Private Mortgage Insurance - For down payments less than 20%
      • HOA - Included as part of monthly mortgage payment but paid separately
    • A good pre-approval will catch any credit or income issues upfront and gives you time to fix them before you have a legal contract which makes the home financing process less stressful.

You would never go shopping for a car without a budget, so why would you expect to go shopping for a home without knowing how much of a mortgage you would be approved for?


Posted by

Evelyn Santiago

Managing Broker/Owner - 630-251-0059

Heart Realty Group, Inc.

We are Passionate About Real Estate!


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Richard Weeks
Dallas, TX
REALTOR®, Broker

Great information, thanks for sharing.  I hope you have a great day.

Apr 15, 2020 02:49 AM #1
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Evelyn Santiago, Managing Broker Heart Realty Group, Inc.

Passionate About Real Estate & Our Clients!
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