Asking your lender for a mortgage pre-approval will help you to determine what you can afford. The pre-approval is only good for a set amount of time, but it often helps one keep a desired price-range in mind.
Items to bring with you, when you meet your lender for a pre-approval application:
- Government Issued Identification
- Employment details, including salary
- All sources of income
- Information of your accounts, debts, and payments
- Source and amount for a down payment
- Proof of funds to cover closing costs (which average 1.5% - 3% of the purchase price)
- Proof of any financial assets
