1. Know how much you have to work with.
Buying a home is a big investment of both your time and finances. Being prepared with a clear price range and realistic expectations is essential for saving you time and stress while you search. By focusing only on homes within your approval range, you can remain focused as you progress through your search.
2. Pre-Approval Makes You a More Attractive Buyer.
When there are two offers on the table, the seller’s are more likely to accept the offer from the pre-qualified buyer than from a buyer who doesn’t have their financing approved. Depending on the market, pre-approval may also give you more room for negotiation.
3. Move Quickly in a Competitive Market.
The pre-approval process can take up to two months in some cases. You don’t want to be caught in limbo, unsure of whether you are qualified to purchase the home you are interested in. Speed up the closing process and get into your new home faster while saving yourself time and stress by having your pre-approval in-hand before you make an offer.
Need a good mortgage specialist? Give us a shout – we’re always happy to refer you to mortgage brokers that I know and trust.