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Insider Perspective
28 March 2023
5 min read

Understanding Mortgage Pre-approvals: Benefits and How to Get One 

Go to a great Loan Officer like myself
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Everyone wants to be a homeowner, not many want a mortgage. Most people are comfortable renting, but once upon a time, that was a stressor. You can have a comfortable payment to fit your budget just as your rental payment does…

A Preapproval is based on your comfortability, budget and affordability. It’s a simple conversation. I would not give you a Preapproval to set you up for failure with a payment amount you could not afford. There are many safeguards in the lending/banking world that would not take on the risk of giving a borrower money, if they thought they could not afford to pay their loan payments. Would you loan someone money with no job or making such a low amount, they barely are making ends meet? No, how would they be able to repay you?

We want you to be able to make your payment and still live, thrive even … A Preapproval gives me and you the ability to see all your debt (not limited to car payments, credit cards, student loans), all your income, funds you have available for transaction/assets, your credit score, your debt to income ratio, and get a clear picture of your credit worthiness. We then decide based on these factors to basically see how much money the banks are comfortable lending you, based upon your specific scenario, ability to repay and needs. You can be preapproved for $500,00 and only choose to borrow$375,000 for your purchase. The Preapproval shows the max amount you will be allowed to borrow. You don’t have to maximize it!

Find an amazing loan officer you feel comfortable with, someone may refer them to you. Go through the Preapproval process then shop with an agent to help you find a home. You want to have your Preapproval done before approaching a realtor. They don’t want to waste their time taking you to see homes you may not be able to afford, most won’t work with until you are preapproved- many sellers and their agents require preapproved buyers only to view their homes in order to not waste anyone’s time involved.

Would you want to leave your home, have strangers in and out to view your home and they are not even a potential candidate to purchase your home?

Start the process, get preapproved!

My name is Cherié Garcia, I am a loan officer with Green River Capital. I will walk you through the mortgage loan process! I love working with people, I am down to earth and will take your calls/texts at night.. no worries! I get people have busy lifestyles, children activities and schedules.

Call me for more info and to start the process!

Cherié Garcia