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Can I apply for a loan before I find a property?

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Prospective home buyers often wonder if pre-qualifying is worth the time and effort. At M&T Bank, we encourage applicants to apply for a mortgage and get their financing in order before they start shopping for a home.

It's a smart way to go. By going through the pre-approval process, you'll know how much home you can afford as well as the likely monthly payment you will be looking at. That kind of information will help you narrow down the list of properties, and take action on the home you want.

When you're applying for a mortgage before you find a home, M&T Bank will issue a pre-approval letter. As a buyer, you can leverage your M&T pre-approval as you search for a home to buy just like a cash buyer. Sellers and their real estate agents just love it when pre-approved buyers are interested in their property. It tells them you're serious – and your bank is serious too. By being pre-approved, it can actually empower you as a buyer: your pre-approved offer may carry more weight than other offers they receive.

Then, when you have an accepted offer for the home you want, just call your loan officer to complete the process. You'll get to lock down your interest rate, and we'll work on getting an appraisal to complete the process.

When you obtain a pre-approval for a home loan you suddenly know a lot about yourself before you really get deep into the process. You'll know what your credit score is. You'll know how much you'll owe – and that means being able to budget. Like even the most basic Scout, you'll be prepared.