Why Pre-Approval Matters
The pre-approval process requires you to reach out to a mortgage lender, indicating your interest in taking out a loan. They will then review your financial documents and make a commitment to providing a loan, up to a certain amount. These documents and numbers may include your credit score, how much you owe, and your savings accounts.
By being pre-approved, you’ll be one step ahead of other buyers, which could make a difference when buying competition is high. You’ll have the power to make an offer and negotiate price with confidence in what you can afford. Sellers prefer to work with buyers who are pre-approved, because they can rely on the validity of their offer.
A big benefit to pre-approval is knowing how much home you can afford. By being preapproved, you’ll have a better idea of your budget when shopping for a new place, and you’ll know the terms of your loan.
Finally, when you are ready to purchase, you’ll be able to close on a home faster with pre-approval. By getting some of the steps out of the way early on, you’ll be closer to owning the home of your dreams.
At some point, you’ll need to get approved for a home loan anyway, so you might as well do it early on in the process to ensure you’re shopping for houses appropriate for your needs.
If you’d like to get preapproved, message one of our loan officers today! They’d love to help you begin on your homebuying journey.
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