01/11/2022
There are several things that you shouldn't do before going shopping for a new home. One of the most important things though, is to not start your home hung before getting a pre approval from a mortgage lender. This is crucial! Otherwise, you could be setting yourself up for disappointment.
If you find a house you love and only them try to get preapproved for a loan, the home may be gone before you're finished getting preapproved. In addition, many sellers want to show their home to serious buyers only and will request a preapproval letter from the buyer.
There’s another compelling reason to get preapproved early in the process, too.
Often, you really have no idea how much house you can afford until you get preapproved by a lender.
The preapproval process involves applying with a lender who will check your income, credit history, and assets. Only after verifying these documents can a lender approve you for a home loan and tell you your real price range.
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