- Reduce the stress of home shopping. Buying a home can be frustrating when you’re not sure how much you can afford. Your pre-approval means you can afford the home you’re looking at. So when you find your “dream home”, you know you’ll fit the financing requirements.
- Save time, by looking only at homes that match your buying power. Pre-approval will also help your real estate professional know within what price range you should search - - and it gives you a great negotiating tool when you are ready to make an offer.
- Certainty of financing. Sellers won’t risk taking their home off the market only to find out the deal is going to fall through 30 days later. When a pre-approved buyer makes an offer on a home, real estate agents will encourage a seller to accept it. (In some cases, a pre-approved mortgage could even make the difference between getting the home of your dreams or losing out to someone else.)
- Close within days! Once you find the home you want and your offer is accepted, you may be able to close soon afterward! This is because all the credit checking -- and other steps that most buyers go through when obtaining a mortgage -- have already been completed.
You’ll need a mortgage to buy your new home, so take the first step today: get pre-approved! After that, it’s time for the fun part: looking for homes!
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