Buying a Home? Get Pre-Approved Today!

Why Getting Pre-Approved is Essential Before House Hunting

Congratulations! You’re finally ready to buy your own home. But before you start house hunting, it’s crucial to know your price range. Only by getting pre-approved can you know exactly how much mortgage financing you can qualify for!

Understanding Your Budget

Most home buyers have a rough idea of their monthly mortgage budget. However, to translate that monthly payment into a maximum mortgage amount, you need to consider factors like:

  • Down Payment: The size of your down payment can significantly affect your loan amount.
  • Interest Rates: Variable interest rates can change your monthly payments.
  • Mortgage Insurance Premiums: These premiums can add to your costs.
  • Property Taxes: Local property taxes will also impact your budget.

You may not qualify to borrow as much as you think. The only way to know for sure is by getting pre-approved.

Why Sellers Prefer Pre-Approved Buyers

Sellers often prefer to negotiate with pre-approved buyers because they know you’re financially capable of closing the transaction. This is especially important in a multiple-offer situation.

Having a pre-approval letter can also give you extra confidence in price negotiations. Real estate agents are more likely to give you extra time and effort when they know you’re a well-qualified buyer.

Pre-Approval vs. Pre-Qualification

Before you begin, it’s important to know the difference between pre-approval and pre-qualification:

  • Pre-Qualification: This involves providing basic financial information to a mortgage broker or lender, often over the phone or online. It’s quick but not verified.
  • Pre-Approval: This requires documentation to confirm employment, the source of your down payment, and other financial details. Though it takes longer, the extra diligence is why it carries more weight.

Remember, if interest rates rise, your financial situation changes, or the pre-approval expiry date passes, your lender will need to reassess and issue a new pre-approval.

Ready to Get Started?

If you’re ready to begin the pre-approval process, we’d be happy to guide you through it—so you’re prepared to buy as soon as your dream home comes along.

*A pre-approval does not constitute a loan commitment or guarantee of a loan. Pre-approval is subject to a satisfactory appraisal, satisfactory title search, and no meaningful change to borrower’s financial condition.


Ideal Lending is your premier home mortgage lender in Florida. With locations in West Palm Beach and Cocoa Beach, you will work one-on-one with a dedicated mortgage professional who can explain loan programs and offer competitive mortgage rates to meet your financial goals.

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