Getting Pre-Approved For Your Roseville Home Purchase Should Always Be Your First Step

Vicki Moore
Published on April 16, 2018

Getting Pre-Approved For Your Roseville Home Purchase Should Always Be Your First Step

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In many markets across the country, the number of buyers searching for their new homes greatly outnumbers the number of homes for sale.  The burden of the housing shortage has now hit Roseville creating multiple offers around the city as Bay Area homeowners relocate to Greater Sacramento.  In a competitive marketplace buyers need to stand out. In order to be considered, and be considered as a serious buyer for your new Roseville home, you must be pre-approved for a mortgage before starting your search.

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

Freddie Mac lays out the advantages of pre-approval in the ‘My Home’ section of their website:

“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.”

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 Roseville home sellers that you are serious about buying, and is now a standard in today’s Roseville home market.  It will also speed up the process once your offer has been accepted.

Bottom Line

Many potential home buyers overestimate the down payment and 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.  And think about it sooner rather than later, as home mortgage rates are expected to go up this year.

For tips on today’s Roseville home market, get your free copy of our Roseville Home Buyer Guide.

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Getting Pre-Approved For Your Roseville Home Purchase Should Always Be Your First Step
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