If you are like most people buying a home, cash is not the easiest thing to do this day in age. Although it would be nice and if you have the means to do that...go for it! But Jesse and I do not. We are newlywed below average income people. So we had to go the mortgage route and the mortgage route starts at getting a pre approval.
A pre approval does not guarantee we will be able to get a house but it shows the real estate agent that we are serious and gives us a general idea of what we can afford based on our income and credit. The pre approval processes doesn't typically take long. Just make sure you submit all the paperwork you need and the lender will get back to you with in a few days.
When getting pre approved there are several factors they look at. income and credit are probably the big ones. Thankfully Jesse and I were raised similar when it comes to credit and have been on the same page since day one or our marriage. That is a credit it card is yes in fact used to purchase things for the month but the balance it not to be carried over. Meaning we don't put anything on it we know we cant pay off right away. This is huge because we don't make "bank" income wise but having good credit is helpful. But don't think only having a credit an hardly no income will get the house of your dreams.
Before we went to a lender to get pre approved I went to a few mortgage calculators online. The best one I have found so far is bankrate.com. Just make sure you do your research. Not only will the mortgage calculators not be 100% accurate but also every situation is different. So even if you think you wont be approve, give it a try!
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