In many markets across the country, especially the Denver Metro Area, the number of buyers searching for their dream home greatly outnumbers the amount of homes for sale.  This has led to a competitive marketplace where buyers often need to stand out.  One way to show you are serious about buying a home is to get pre-qualified or pre-approved for a mortgage with a local lender before starting your search.

Even if you are in a market that is not as competitive, knowing your budget will give you the confidence of knowing if the home you are eyeing is within reach.

Freddie Mac says “It is highly recommended that you work with your lender to get pre-approved before you begin house hunting. Pre-approval will tell you how much home you can afford and when needed can help you move faster, and with greater confidence, in competitive markets.”

One of the many advantages of working with a local real estate professional is that many have relationships with lenders who will be able to help you with this process. Once you have selected a lender, you will need to fill out their loan application and provide them with important information regarding your credit, debt, work history available down payment and work status and history.

Home buyers often overestimate the down payment or credit scores needed to qualify for a mortgage today. If you are ready and willing to buy, you may be pleasantly surprised at your ability to do so as well.