Know Your Buying Power

One of the smartest first steps when buying a home is talking with a reputable mortgage lender and getting pre-approved.

A mortgage pre-approval can help you understand your estimated buying power, anticipated monthly payment, available loan programs and how much cash you may need for your purchase.

At the Moving Memphis Group at Emmett Baird Realty, we encourage buyers to get their financing in order early—ideally before finding the home they want to purchase.

Why Does Pre-Approval Matter?

A good pre-approval does more than give you a maximum purchase price.

It can help you understand:

• Which loan programs may be available to you
• Your estimated monthly mortgage payment
• Potential down payment requirements
• Estimated closing costs
• How interest rates may affect your buying power
• Whether there are credit or financial issues worth addressing before you make an offer

It also allows us to structure your home search around a price range that makes sense for your budget and goals, rather than simply focusing on the maximum amount a lender may approve.

Pre-Approval Can Strengthen Your Offer

When you find the right home, sellers will generally want evidence that you have the financial ability to complete the purchase.

A strong lender pre-approval can demonstrate that you’ve already taken important steps toward securing financing.

That can be particularly important in a competitive situation where a seller is comparing multiple offers.

However, a pre-approval is not a guarantee of final loan approval. Your lender will still need to verify information and approve both the borrower and property as the transaction moves forward.

Choosing the Right Lender

Not all lenders—and not all pre-approvals—are the same.

Interest rate matters, but it’s not the only consideration. Communication, experience, loan-program knowledge, responsiveness and the lender’s ability to meet contractual deadlines can all become important once you’re under contract.

The Moving Memphis Group regularly works with lenders throughout the Memphis area. If you need a lender, we’re happy to provide contact information for experienced mortgage professionals so you can compare your options and choose the lender that’s right for you.

Buying With a VA Home Loan?

We have extensive experience helping Veterans, active-duty service members and military families purchase homes using their VA home loan benefits.

VA financing offers significant benefits for eligible borrowers, but VA transactions also have requirements and considerations that differ from some conventional purchases.

Working with both an experienced VA lender and a real estate agent familiar with VA transactions can be especially valuable.

Our experience includes helping buyers navigate VA appraisals, Minimum Property Requirements (MPRs), VA assumptions, entitlement and other aspects of the VA home-buying process.

We also assist military families making PCS moves to NSA Mid-South in Millington and buyers considering homes throughout Millington, Atoka, Bartlett, Arlington, Lakeland and the greater Memphis area.

Ready to Start Your Home Search?

If you’re considering buying a home in Memphis or the surrounding Mid-South, getting pre-approved is a great place to start.

Once you understand your financing options and buying power, we can help you explore communities, find properties and develop a strategy for purchasing the right home.

Moving Memphis Group at Emmett Baird Realty
Service You Deserve – People You Trust.

Contact us if you’d like to talk about buying a home or need help connecting with a mortgage professional.