Should you talk to a mortgage professional before house hunting?

Absolutely! Even if you haven't so much as picked out houses to visit yet, it's important to see your mortgage professional first to obtain Credit Approval. Why?

When we issue a Credit Approval, we help you determine how much of a monthly mortgage payment you can afford, and how much we can loan you. We do this by considering your income and debts, your employment and residence situations, your available funds for downpayment and required reserves, and some other things. It's short and to the point, and we keep the paperwork to a minimum!

Once you qualify, we give you what's called a Credit Approval Letter (your real estate agent might call it a "pre-approval"), which says that we are working with you to find the best loan to meet your needs and that you are approved for a loan for a certain amount.

When you find a house that catches your eye, and you decide to make an offer, being Credit Approved for a mortgage will do a couple of things. First, it lets you know how much you can offer. Your real estate agent will help you decide on an appropriate offer, but being Credit Approved gives you the confidence to know you can follow through.

More importantly, to a home seller, your being Credit Approved is like you walked into their house with a suitcase full of cash to make the deal! They won't have to wonder if they're wasting their time because you'll never qualify for a mortgage to finance the amount you're offering for the home. You have the clout of a buyer ready to make the deal right now!