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Buying a Home: Step One

Nov 06, 2017

“It’s 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 can help you move faster, and with greater confidence, in competitive markets.”


If you're ready to start house hunting, the first step is to get preapproved by a local lender. One way to show you are serious about buying your dream home is to be preapproved before staring your search. Knowing your budget will give you the confidence of knowing if your dream home is within your reach.

 Freddie Mac describes the 4 Cs that help determine the amount you will be qualified to borrow:

  1. Capacity: Your current and future ability to make your payments

  2. Capital or cash reserves: The money, savings, and investments you have that can be sold quickly for cash

  3. Collateral: The home, or type of home, that you would like to purchase

  4. Credit: Your history of paying bills and other debts on time

Getting pre-approved is one of many steps that will show home sellers that you are serious about buying, and it often helps speed up the process once your offer has been accepted. Call US Capital today at (517) 351-5626 to get pre-approved and a free mortgage quote. 


Read the full article here.