Buying Troy Michigan Real Estate: Perks of a Pre-Approved Home Loan

Posted in Troy Michigan Real Estate by Michigan Real Estate Expert on March 16th, 2011

Looking to buy a new house? Do you have a specified budget in place? Are you going to need to take out a loan? In such a tumultuous Troy Michigan real estate market, there are many frustrating financial hurdles that you need to jump before you can purchase your home. However, with a pre-approved loan you could reduce stress and move in quicker.

Get Pre-Approved for a home loan to purchase Troy Michigan Real Estate

Troy Michigan real estate buyers have an advantage if they are pre-approved for a home loan. A pre-approved loan is when a bank provides you with an amount they would be willing to lend you for a home and a period of time for which this offer is good. They determine this amount based on several criteria that you must provide and prove, such as your current income, bank statements, income tax returns and credit history

Perks from pre-approval

  • Know what you can afford –Using a mortgage calculator, you can see an estimate of the monthly mortgage payment to help you determine if it is within your budget.  By obtaining a pre-approved loan, you’ll know exactly how much money you can spend on a house.
  • Gain credibility – Troy Michigan real estate agents and sellers take you more seriously if they have proof that you can come up with the money to purchase the property.
  • Save time – When you know exactly how much you can spend, you won’t waste your time looking at houses out of your price range. This allows you to spend more time scrutinizing the houses you can afford.
  • Close quicker – With a pre-approved loan, you’ve already completed part of the time consuming work toward getting your mortgage. Without pre-approval, you might endure heartache if you find your dream home, but can’t find the funds.

If you’re searching for Troy Michigan real estate without a pre-approved loan, stop wasting time. Analyze your income, talk with a lender and get pre-approved before beginning the house hunt.

Need a referral to a reputable mortgage provider in Southeast Michigan?  Give me a call today at 248-514-2640 or email me at

Lee Morof sells North Woodward Homes in Oakland County Michigan RE/MAX Showcase Homes

Lee Morof
Associate Broker/Attorney  
RE/MAX Showcase Homes
Birmingham, Michigan
Call:  248-514-2640


  1. Prepare Paperwork for Your Bloomfield Hills Real Estate Purchase said,

    July 14, 2011 @ 7:09 am

    […] mail regarding your personal finances, make copies and bring them with you when you’re seeking mortgage pre-approval. You never know what the bank will ask for, so try to have […]

  2. Loan Calculator said,

    January 18, 2014 @ 7:31 am

    Great article. Reverse Mortgage are not for everyone. Reverse mortgage is very helpful for seniors.

RSS feed for comments on this post · TrackBack URI

Leave a Comment