Do you want to buy a new home? If so, your search should begin at a local home mortgage company. Here are few reasons why you should get pre-approved for a mortgage loan before you go house hunting.
You Need to Know You Qualify
Mortgage Investors Group offers multiple mortgage loan options to people of all ages and walks of life. Unfortunately, not everyone qualifies for a home loan. A low credit score, lack of savings or some other impediment may make it impossible to obtain a mortgage loan right away. You’ll want to know you can get a loan before you start looking for houses or you’ll waste a lot of time and effort for no reason. If you find you don’t qualify, talk to your loan officer about ways you can improve your financial situation to qualify for a loan in the near future.
You Need to Know How Much You Can Borrow
You won’t know how much you can borrow until you sit down with a mortgage lender and talk about your financial situation, credit score and savings. Pre-approval helps you know what type of house you can afford to purchase, narrowing your options and making house hunting more efficient than it would have been otherwise.
You Need to Impress the Seller
It’s a seller’s market right now. This means that there are probably a number of other people who are also interested in the home you want to buy. Having pre-approval for a mortgage loan will give you an edge over other prospective buyers as it shows that you are not only serious about buying the home but also have the means to do so.
MIG has helped well over 100,000 aspiring homeowners in the state of Tennessee purchase a new home. We offer both government and conventional mortgage loans as well as other services such as on-site underwriting and home appraisal. Get in touch with us to find out more about your home mortgage options and what paperwork you’ll need to apply for a mortgage loan. Alternatively, you can start the application process online if you’re ready to obtain a mortgage loan for the home of your dreams.