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Our mission at The Melissa Thompson Team is to be your best resource for real estate advice. Whether you are a buyer, seller, or investor, our team of professionals can answer any questions you might have about real estate. Subscribe to this blog to get the latest news on local market trends and receive expert tips for buying or selling a home.

Get Pre-Approved Before You Start Your Home Search

As a homebuyer, it is incredibly important that you get pre-approved. Today, I’ll go over the four C’s of pre-approvals.

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Before you start your home search, it is incredibly important that you get pre-approved for a mortgage. There are many reasons why, but Fannie Mae recently released an article about the four C’s: 

1. Capacity: This refers to your current and future ability to make your house payments. What do you want to spend? You don’t want all of your money to go to house payments or you will end up house poor. 

2. Capital or cash reserves: How much money do you have available? What do you want to put down in order to get the home? 

3. Collateral: What type of home do you want? What size should the home be? 

4. Credit history: The lender will look at your credit score and your credit history.

What do you want to spend on your monthly house payments?

We have several great lenders that can help you get pre-approved before you start looking at homes. If you would like more information, just give me a call or send me an email. I would be happy to help you!