• It strengthens your offer to the seller. In today's market, without preapproval, many sellers will not consider your offer.
• With preapproval, you can determine which loan program best fits your need.
• You will know exactly how much you are approved for. It's no fun to find your "ideal home" and then find out you can't afford it.
• Your monthly payment will be set. This will allow you to budget your money before making this large investment.
• It shows you what the down payment and closing costs will be.
• If you are a first-time buyer, you may be able to qualify for a special first-time buyer program which may allow you to afford more home for your money.
• If you feel you would like and can afford a higher mortgage payment, but are not able to meet the lender's income qualifications, you may be able to arrange for a co-borrower or co-signer for you loan.

Barbara Hendrickson

Cindy Wilson