Why You Should Get a Pre Approval For a Loan Before You Start House Hunting by Martin Fisher
If you talk to any real estate professional, before you even step foot into a home, they will tell you that you should be pre-approved for a mortgage first. There are many reasons why being pre-approved is so important, and some of them you may have not thought about.
Why Should You Get Pre-Approved Before Going House Hunting?
Save Time By Looking At The Right Homes
There is no point in wasting your time by looking at homes you can’t afford. It will only make you upset in the long run. When viewing homes outside of your price range, you will get a feeling you can afford more house, and when you go to view homes within your price range, you’re going to feel let down. Once you see a great home and fall in love with it only to find out you can’t afford it, it’s a heartbreaking ordeal.
More Time To View Homes You Can Afford
Now that you have gotten pre-approved for a mortgage, you can narrow down your home search, decide what you want to buy, and be in control of your decisions. Narrowing your price range down allows you more time examining the needs you and/or your family require in a new home. You can focus on neighborhood demographics, schools, and examining public transportation routes to your workplace.
Be A Confident Homebuyer
Knowing what you can qualify for gives you the confidence to submit an offer when you find a home that you love. Buying a home is a stressful process and by knowing that you won’t have any problems getting financing is one less item in your stress basket.
Pre-Approval Gives You Negotiating Power
A home seller won’t give you the light of day without knowing that you can actually meet the terms of a real estate purchase contract. They will expect proof of funds when submitting an offer from a professional mortgage lender. If you are competing with other offers, even if you offer more money then your competition, if you can’t prove you can get financing, you will definitely lose out on the home of your dreams.
Your Home Will Close Faster
Today’s lending market has shown that it takes longer to get approved for a home loan. By going through the pre-approval process before you go under contract you can get your inspections done quicker, you can see yourself moving in faster, and have all of your stuff moved in in no time.
Getting pre-approved for a home loan before you go house hunting is the logical way to shop.