Pre approval for first home

[Erika Torres]

I am a brand new investor looking to buy my first property. My husband and i are still looking at different properties but we are unsure if we should get pre-approved for a loan first before making any decision since we are not sure what the approval amount will be. I know the best thing to do is to get approval from different banks to get the best option but id rather get advise from someone experienced.

HELP!

[Brendan Miller]

Hi @Erika Torres, I'd definitely recommend getting pre-approved first, that way you know the price range of the properties you'll be looking for. Also, be cautious with the pre-approvals, in my wife and I's case, we've always been preapproved for a value that far exceeded the value that we actually wanted to spend, so first I'd understand what portion of your monthly budget you want to spend on housing, and help drive your decision of how much you want to be pre-approved for. There are a lot of first time home buyer tools available online to help you determine that value based on your families income.