Do I need a mortgage preapproval?
Looking at buying another property that should be roughly the same price as my current one (current mortgage is paid off already). With the market harder to predict right now, I may need to get a mortgage of $100 000 or so (but the rest will be paid in cash from my current house).
I have no doubt that I will qualify for a $100 000 mortgage (and plan to pay it off with my salary and as other locked-in monies become available). Do I need to get a mortgage pre approval in this case? Or can I wait until I make the purchase at which point I'll know if I even need the mortgage or not? Anything else I'm not thinking of?
I have no doubt that I will qualify for a $100 000 mortgage (and plan to pay it off with my salary and as other locked-in monies become available). Do I need to get a mortgage pre approval in this case? Or can I wait until I make the purchase at which point I'll know if I even need the mortgage or not? Anything else I'm not thinking of?
