Actually, it’s never too early to start thinking about how much of a mortgage you might qualify for. Many people start looking at condos or houses online or at open houses 6-18 months ahead of when they’re thinking they might buy.
Having a realistic figure in mind about how large of a mortgage you could get approved for will save you a lot of time (and dreaming).
Another good reason to get an early pre-approval is that, in all probability, you will find out things about your credit or about what you need income-wise that you didn’t know before.
You can then use your lead time profitably to clear up any issues, solidify jobs or create a bigger down payment.
Certainly, before you start seriously looking for a home you’ll want to talk to a mortgage professional and get a FULL mortgage pre-approval. We’ll talk more about what that entails further on in this Guide.