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Importance Of Getting Preapproved
The importance of getting pre-approved cannot be overstated. More often than not in todays market, a seller will not even entertain an offer without a letter of pre-approval. Unless you are a cash buyer , this just eliminates you from the negotiation process. If a seller does not even know you CAN purchase their home, they will move on to the next buyer. With the market as it is , another buyer will proabably be waiting in line for the home you want! By getting pre-approved you also have a clear guide of what price limit you can afford. Your lender will review all you financial documents and give you an idea of the price range to consider. This way you can shop with confidence. Additionally, you will have an idea after sitting down with you lender of the different types of loans available to you and what the interest rate for you will be. This can make a big impact on they home you will purchase as well. Finally, by having that pre-approval letter, your real estate agent will know you are serious about purchasing a home. He/she will be more apt to be looking for the home you want and notify you right away when that home hits the market because he knows you are ready to go
It is a good idea to talk to a lender as far out as a year before you plan on buying a home. This is important because often times there can be issues with credit that the applicant is not even aware of and these issues need to be addressed in order to qualify. A good lender will assist in putting you on a path to being credit worthy by directing you to what items need to be resolved.
The best thing it is FREE to get pre-approved! No reason not to at least check into it, you may think you won't qualify yet , or that you have to save up a certain amount of money, therre are many programs/loan options available that your lender can help you with , you may just be able to get that home now rather then having to wait!
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After years of working in retail I have chosen the field of real estate to help stimulate my personal growth. I want to be involved, valued, and trusted by my clients and I want to do what is best for....