Determine How Much You Want to Spend for Your New Home

Uncertain about the ideal price range for your new Florida home? Not sure home much home you can afford? Concerned about high house payments or the feasibility of the down payment? Take control of your home-buying journey by securing a pre-approval.

This crucial step not only helps you understand your affordable home range, but also reveals potential savings by optimizing your financing. Additionally, being pre-approved provides a competitive edge over other buyers who are looking at the same property.

The Pre-Approval* Process Made Easy

To initiate the pre-approval process, reach out to a reliable lender. They’ll request basic information and access your credit report. Your Sea Glass Florida Properties real estate agent can provide a list of preferred lenders who are familiar with the requirements needed to

Once you’ve chosen a lender, you will complete a loan application that provides essential details about your credit, debt, work history, down payment, and residential background. Meeting with a loan officer in person is highly recommended, allowing you to ask questions, review income, discuss monthly expenses, and effectively budget for your upcoming mortgage payment.

After gathering initial information and running a credit report, your lender will furnish a pre-approval letter. This letter confirms that the lender has assessed your credit report, income, and available cash, approving you for the loan, contingent on a satisfactory property appraisal.

Your qualification amount is determined based on the ‘4Cs’ according to Freddie Mac:

  1. Capacity: This refers to your ability to make payments both now and in the future. Lenders evaluate your income, employment history, and debt-to-income ratio to assess your capacity to manage mortgage payments.
  2. Capital or Cash Reserves: Lenders also consider your financial reserves, including savings, investments, and other liquid assets. These reserves act as a safety net in case of unexpected expenses or changes in your financial situation.
  3. Collateral: The property you intend to purchase serves as collateral for the mortgage loan. Lenders assess the value and condition of the property to determine its suitability as collateral. Factors such as location, property type, and market conditions can influence the lender’s evaluation.
  4. Credit: Your credit history plays a significant role in the mortgage qualification process. Lenders review your credit score, payment history, outstanding debts, and credit utilization to assess your creditworthiness. A strong credit history demonstrates your ability to manage debt responsibly and increases your chances of qualifying for favorable loan terms.

Explore different loan types, utilize our mortgage calculators, or connect with a loan officer to make informed decisions.


Contact Sea Glass Florida Properties to get started on your home search.


*Pre-approval is conditional. For any inquiries, contact your loan officer.