Why Is It Important To Get Pre-Approved?
Yes, before you start house shopping, you should speak to a loan originator and get a "pre-approval" letter. Why?
1. Pre-approval determines which loan program best fits your needs.
2. You won’t waste time considering homes you cannot afford.
3. You will be ready to write and present an offer on the home you really want when you find it.
4. Your buyer specialist will give the seller the preapproval letter for you, to prove that your offer is valid and you should be considered a legitimate buyer.
5. In today’s market, with multiple offers on properties, having a pre-approval puts you in a much better negotiating position.
6. You will know the amount needed for down payment and closing costs.
7. If you are a first-time buyer, you may be able to qualify for a special first-time buyer program that may allow you to afford more home for your money.
8. If you feel you would like and can afford a higher mortgage payment, other options may be available.
Definitely take the time to take this first step, BEFORE you start touring homes you like.
(David Brenton’s home buyer information)