1. Get Pre-Approved

Before beginning your home search, it is a good idea to have some idea of what you can afford. You can get a sense of what you can afford with these calculators:

• How much will my mortgage payment be?
• How much mortgage might I qualify for?
• How much home can I afford?

Obtaining mortgage "pre-approval" is another thing entirely. It means that you have in hand a lender's written commitment to put together a loan for you (subject only to the particular house you want to buy passing the lender's appraisal). Pre-approval makes you a strong buyer, welcomed by sellers.

In today's market in Northern Virginia, it is imperative to have a pre-approval letter submitted with your offer. With most other purchasers, sellers must tie the house up on a contract while waiting to see if the would-be buyer can really obtain financing. The down side is that you must pay application fees to cover the lender's paperwork in verifying your employment, income, assets, debts and credit rating. If you later decide not to use that particular lender, you'd have to start all over again elsewhere - with no rebate. Pre-approval will also speed up the entire mortgage procedure once you've found the house you want. The only remaining question will be whether the house will "appraise" for enough to warrant the loan.

Do you need a lender? We have a short list of loan officers to recommend. We have done multiple deals with them and know they are professional, reliable, ethical and competent. Fill out the form below and we will put you in touch with them.