Getting Mortgage Pre-Approved
Getting pre-approved, prior to looking at homes is a good first step for many reasons.
- Having budget numbers pre-determined removes many stresses from the shopping process, freeing you up to enjoy house hunting.
- In a healthy market like ours, the most desirable homes priced correctly will simply move faster. Being pre-approved can be very helpful in landing your dream home and may mean the difference between someone else instead of you getting your preferred house.
- A seller will often choose a lesser dependable offer with strong financing above a higher offer presented without a pre-approval in place.
- Sellers will be more motivated to let agents show their home. Sellers are often juggling real life while their home is on the market. Keeping the house show-ready can quickly wear on the sellers. It is not uncommon for sellers to begin asking agents for more advanced notice and to only bring serious qualified buyers to visit.
- Having pre-approval in place can significantly speed up the closing process.
Having your financing in order conveys the seriousness of your interest as well as improving your negotiation ability when the perfect property is found.