Sunday, January 21, 2018
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Randi F. Rainmaker
CLHMS, GRI, ABR, CCIM, ePro, EcoBroker
Gooder Group
2724 Dorr Ave, Ste 103
Fairfax, Virginia 22031

Office: 703-698-7750
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Are there some inside tips to win the mortgage game when relocating?

Coins and Bills Sometimes transferees start house hunting without a firm idea of their buying power. If you are pre-approved for a loan, you can save considerable time house hunting and mortgage shopping.

How Pre-Approval Works:
    When pre-approving a borrower for a loan, a lender will generally use two ratios:
  • Total housing costs compared to total income.
  • Total debt compared to total income.


  • As a general rule on a loan with a 10-19% down payment, housing costs should not exceed 28% of total family income, while total debt payments should not exceed 36% of the income. If your numbers fall in line, and your credit checks out to the lenders satisfaction, you may be able to get a tentative commitment from the lender for a specified loan amount. This is pre-approval, and it's a more powerful and accurate gauge of your buying ability than pre-qualification.

    A pre-approved mortgage loan is an excellent guideline for relocating home buyers to know how much home they can afford. For the seller, pre-approval is proof the buyer’s lender feels confident a loan commitment would not be a problem if all the financial documentation were in order.
Pre-Approval Benefits:
  • Streamlines house hunting.

  • Pre-approval identifies how much money the transferee can obtain, so precious time isn’t wasted looking at homes that are out of reach.
  • Offers peace of mind.

  • You know for sure how much home you can afford, and there is little chance a lender will not make the requested commitment.
  • Prevents "house poor" homeowners.

  • Pre-approval reduces the possibility of you becoming overextended and unable to meet payments later on.
  • Boosts bargaining power.

  • Pre-approved buyers tend to be in an advantageous position when bidding against other buyers, as sellers like knowing your loan is guaranteed.
  • Pinpoints best mortgage option.

  • The pre-approval process helps you identify ahead of time which type of mortgage best meets your personal needs.
We're seasoned professionals with experience in all aspects of relocation. Click on "Ask Your Own Question" to take advantage of our know-how.
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