02/02/2022
As we approach the Spring market, I recommend everyone who is interested in purchasing a home to get pre-approved first! When you are pre-approved, you can start looking at homes. When you submit an offer on a home you like, you make an offer with a pre-approval letter. A pre-approval letter is a letter from the loan officer vouching that you are qualified to purchase the home. We review your income, credit history, assets, and job stability (just to name a few) and determine a purchase price you are qualified to purchase. Here are some reasons why you should get pre-approved:
1. Your offer won’t get accepted with out one. This is because the sellers are unsure if you are financially qualified to buy the home. A Pre-Approval letter tells the sellers and listing agent that you are qualified to by the home. Unless your last name is Rockefeller, Bezos, or Gates you will need a pre-approval letter to make an offer.
2. You’ll know how much house you can afford. There is no sense in looking at homes in the $400,000’s if you are only qualified to purchase one that is $250,000. Further it can be a waste of your time and the real estate agents time showing houses that are not in your price range.
3. Saves Time! Obtaining a mortgage can be a lengthy process. Getting pre-approved ahead of time shortens the time between contract to close. Plus, most of the information you provide at pre-approval is the same information we will need for the loan to be approved.
4. Understand Costs involved. While getting pre-approved you will know all costs involved with purchasing a home. You will have an estimate of what money you will need for closing and what your mortgage payment will be.
5. It’s Free! It doesn’t a cost a penny to get pre-approved. If you don’t qualify, I will give you advice on how best to improve your situation. You have nothing to lose!
For all these reasons and more, I would HIGHLY suggest reaching out if you are looking to purchase a home in the next 6 months. Copy and paste the link in the photo or call my office at 410-643-2500!
