The Advantages Of
Pre-Approval
The decision to purchase a
home can be an exciting but sometimes confusing undertaking. When beginning your search for the perfect
home, there are a number of factors that you will want to consider. Whether you are a first time buyer or already
own a home and want to move up, getting pre-approval for your mortgage is a
necessary and time saving step. Here are
some of the benefits of getting pre-approved!
Know Your Budget!
Getting pre-approved means
that you will have a clear picture of the credit you have available to you to
purchase your new home, as well as your price range. This will prevent you from spending time
looking at homes that may be out of your budget and perhaps getting attached to
a home that you cannot afford. It means
that if you find the home that is right for you, it can more easily become
yours!
Close Quickly
Getting pre-approved for
your mortgage means that you can act more quickly once you find the home that
is right for you. The process of getting
the mortgage approved is generally the longest and most complicated process in
any home purchase. It requires
verification of your income and employment, an evaluation of your credit
reports, and the completion of a loan application. Having this step completed
can save weeks of time in the closing process.
Pre-approval also means that you have an advantage should a bidding war
begin. The seller can be confident that
you can afford the bid you are making and that you can move quickly to finalize
the sale.
Overall, there are a number
of benefits to getting pre-approval for your mortgage before beginning the
search for your new home. Most importantly, it can give you peace of mind in
knowing that you are ready and able to make the commitment to homeownership,
and that you are not wasting your time in looking at properties that you may
not be able to afford.
