So, you’re ready to purchase a home? It’s tempting to start browsing listings as a first step, but are you aware of the importance of pre-approval BEFORE you even begin looking? Let’s dive into why this is the #1 first step you should be taking.
TO KNOW HOW MUCH YOU CAN BORROW AND AFFORD
Knowing what you can afford will save you so much time when looking for homes! It could possibly give you better options when it comes to home-buying as well as save you from getting hooked on a home you don’t get approved for. Once you are pre-approved, you will know how much you are eligible to borrow for your mortgage.
TO SPEED UP THE MORTGAGE PROCESS
Pre-approval speeds up the process, especially when you are ready to make an offer. In the competitive market we have today, pre-approval may be the “boost” you need to get the home you want.
TO STRENGTHEN YOUR BUYING CREDIBILITY
In a scenario where the number of buyers outweighs the number of sellers you will want to stand out from the crowd. Getting pre-approved is one of the best ways to get one step ahead of other buyers. It reinforces that you as a buyer are serious about purchasing the home.