Finally, the home you love just came on the market and you want to buy it.

But your existing house won’t be closing in time for you to make a competitive offer. In this market of tight inventory you need to be able to act quickly and come in with a complete and solid offer for the new home that you want to buy.

Did you know you can secure your mortgage pre-approval before you close on the sale of your home? Here’s a great tip you should know about!

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If your dept-to-income ratio doesn’t allow for you to carry two houses, but you have an accepted offer for the sale of your house, this could be good news for you!

1. Have your downpayment ready.
2. Get the contingency-free loan commitment letter from the buyers for your house.

If the buyer for your house is financing and will give you their contingency-free loan commitment letter, you may be able to get your mortgage pre-approval to buy before you close on your sale.

With your buyer’s contingent-free loan commitment letter, your lender does not have to include your existing mortgage debt when figuring your debt-to-income ratio for your new loan. All you need is your down payment, and you are good to go.

Visit Linda and Jorge for more info!