Why buyers need a mortgage pre-approval

    Why buyers need a mortgage pre-approval

    Dec 30, 2021

    Buying a home is super exciting and finding that perfect home while you are searching online, falling in love with it and calling a Realtor to see it may seem like the right thing to do. However, without a mortgage pre-approval you may just be setting yourself up for disappointment. And that is the last thing I want to see happen to you!

    Did you know before you start searching for a home one of the first things you should do is get a mortgage pre-approval?

    Having your finances in order and knowing what you can afford is one of the first steps in the home buying process. You do not want to find the perfect home, fall in love with it and then realize the home is out of your budget. You may say, well I used an online mortgage calculator and I know what price range I can afford. While these calculators can be helpful in giving you an idea of what you can afford, there is no guarantee until you speak with a lender and they tell you. They can take a more extensive look at things like your credit score, income, assets, and debts.

    Keep in mind a pre-qualification is not the same as a pre-approval. And you want to make sure you are getting a pre-approval. A pre-qualification does not include a credit check or a comprehensive look at your ability to purchase a home. A pre-approval is more definitive, you will supply the lender with appropriate documentation and have a credit check.

    Also, did you know before a Realtor helps you submit an offer on a home it will be required to attach your pre-approval letter to the offer. This lets the seller know they can take your offer seriously and you have the financial ability to purchase the home. Pre-approvals also allow you to shop for a home with confidence.

    If you are ready to take the first step to purchase a home and need help finding a lender, reach out and I can put you in touch with a local lender. If you already have that pre-approval but have not found the right Realtor, give me a call. I would love to chat about your needs, what you can expect in the current market, and see if we are a good fit for each other!