Now that you know what you want, it's time to see what you can
afford. You can start by crunching the numbers yourself using our
When you're ready to move to the next step, you can get
pre-approved for a mortgage. This process can often be performed
in under an hour and it accomplishes two important goals. First, it
will tell you how much house you can afford and what your monthly
payments would be. Second, it tells the seller that you can afford
to buy their home.
By definition, a pre-approved buyer has an approved mortgage
subject to an appraisal of the property. Many times a buyer can use
this pre-approved status as leverage during the negotiation process.