Arrange Financing

Mortgage Pre-Approval or Pre-Qualification Letter

An important ingredient in a successful home search is knowing how much you can afford. You don’t want to fall in love with a property only to find out it’s outside your price range.

That’s why we always recommended getting a Mortgage Pre-Approval. This is a document from your bank or other lender stating how much of a mortgage they are willing to give you. Also, many listing agents and Sellers will require you have one before you even view their property. There are two advantages to getting this pre-approval:

  • It gives you the peace-of-mind of knowing you can afford homes you view on the market, and won’t have problems arranging financing.
  • It’s a sign to sellers that you are a serious, prepared buyer – which gives you the edge when making an offer.
  • In a Sellers market like we have today, it is important to be ready to view and make an offer as soon as you find the home you want.

You can arrange for a Mortgage Pre-Qualification with your bank or other lender, or by working with a good mortgage broker. We have years of experience working  with local banks and are able to help you by recommending a reputable local broker or lender.


The State of Vermont has made having a pre-qualification letter on file with your agent a requirement before any “in person” property viewings while under Covid-19 Compliance orders. Your Buyers agent may be required to provide this to a listing agent before scheduling so having one on hand ( especially in this Sellers market) could be the difference between getting your dream house and missing the boat.


How Much Home Can You Afford?

Banks and lenders use specific criteria to determine how much of a mortgage they’re willing to offer you. They look at your income, expenses, credit history and employment status, as well as the down payment you plan to make on a home. It may seem like a scary process, but it is actually straightforward. You can usually get a Mortgage Pre-Approval in 24-48 hours. You’ll be glad that you did.

By knowing what you can afford, you can confidently shop within that price range. For example, if you qualify for a $250,000 mortgage, and you have another $100,000 available as a down payment, you can look for homes in the $350,000 range.

Have questions about arranging financing? Please submit the form below or reach out to us at 802-464-2585.

Jacki Murano


Resort and Second Home Property Specialist

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