When should I get pre-approved for a mortgage?

It's advisable to get pre-approved for a mortgage before starting your house-hunting process. Doing so helps in several ways:

• Understanding Your Budget: Pre-approval provides insight into how much you can borrow, helping you determine a comfortable price range for your home search.
• Serious Buyer Status: Sellers often prioritize offers from pre-approved buyers as they demonstrate seriousness and financial readiness.
• Quick Closing Process: Pre-approval can expedite the closing process as much of the paperwork and verification are already completed.

As soon as you are serious about buying and before seeing a house in person.?

A pre-approval letter allows you to know the ceiling of your purchasing power and lets sellers know that you are a serious, well-qualified buyer who is ready to buy.?

Should a seller be in a multiple-offer situation, you can be sure that they are likely to throw out any offer that did not include a pre-approval letter or a proof of funds.? I even recommend that potential buyers connect with a lender to get pre-approved sometimes over 6 months before taking their first home tour.? It is an integral part of the planning process.?

If you are unable to get approved for the amount you would like, it will at least give you a starting point and lay out the steps to achieving your purchase goals.

It's beneficial to get pre-approved at the outset of your home-buying journey to streamline the process and make informed decisions about your home purchase.