
- Pre-approvals provide you with what the maximum dollar amount a lender can borrow you. If you are only pre-approved up to $225,000, it wouldn’t be wise to look at houses that have an asking price that is much higher, such as $275,000. Why? Well if you are in a competitive market, it is likely a highly desirable house will go for at or over asking. If your pre-approval is only up to $225,000 you would be responsible for coming up with the difference of $50,000 (which cannot come in the form of another loan). My best recommendation: determine what you feel comfortable paying for a mortgage payment each month and see what that equates to as far as a purchase price. Try to stick around that price range and if that is lower than your pre-approval you always know you could offer a little more and have the confidence you could still get the loan in the end.
- Many sellers will take pre-approvals into consideration when determining whether or not to accept an offer, especially if they have received multiple offers. An offer with an attached pre-approval, gives the seller peace of mind, that if they chose to accept this offer (essentially, discontinuing marketing efforts to sell the home) that the sale will go through and they would not miss out on potential buyers.


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