Get preapproved for your next mortgage now!
Thinking about swapping your current house for a different one?
Then it’s important to know just how much money you can actually borrow — especially if your hunt is happening in a hot market. A preapproval letter from Summit tells the seller, “Hey, this buyer can get a loan! Pick them!” (Ok, we added that last part).
Unless you have the cash to buy a home outright (and if you do, please adopt us), you’ll need to get approved for a loan at some point. Do it before your search begins and you’ll not only streamline the buying process, you’ll know whether this move is a good choice.
Considering a new mortgage? Follow these four steps.
1. Set up an appointment with a Summit mortgage lender. Use our handy online scheduling tool. Summit has loan officers in every branch — pick the location that’s convenient to your home or work.
2. Be prepared. Your Summit lender will provide a list of everything you need for your appointment. Bring the documents on this list and you’ll be ready for anything.
3. Don’t assume this change makes sense for you. Our lenders will do everything they can to help make this mortgage happen — if it’s the right choice for you and your current situation.
Count on them to help you consider:
- What it will really cost to own a different house. A bigger home likely means bigger everything: mortgage payment, real estate taxes and the expenses related to cleaning, furnishing and maintaining a larger place.
But a smaller house won’t necessarily save you money — especially if you’re looking at a more expensive neighborhood, the market has heated up since you first bought or a smaller home means you’ll have to update many of your furnishings and appliances. Then it might make sense to sit tight, unless there’s a pressing reason you need to get out of your current home.
- If now’s the right time for a new mortgage. Maybe your current budget can accommodate a bigger mortgage payment. But if you’re on the verge of having kids in college or getting closer to retirement, now might not be the time to bump up a fixed expense.
- What size mortgage makes sense. The preapproval tells you how much Summit is willing to lend you and what your monthly payment would be. If you have time, give this new loan amount a test drive for a couple months to see if it truly fits your budget. And you don’t have to borrow everything you qualify for: sometimes it’s better to have a cushion so you’re ready for the unexpected or so you can make improvements or take a vacation.
4. Get a preapproval. When you find great service, low rates and a mortgage lender that can educate you throughout the homebuying process, it’s time to pull your paperwork together and get preapproved!
Summit has been the #1 mortgage lender in Dane County for eight consecutive years (wow!) and is the #1 mortgage lender in Columbia County too.* So you can feel confident you’re getting a great deal on your mortgage when you work with Summit.
Time to buy? Count on Summit to help you decide — and help make it happen.
Smart money tips brought to you by Red SHOES, Summit’s exclusive financial wellness program.
*#1 mortgage lender based on number of mortgages recorded with Dane County register of deeds.