Getting a pre-approved mortgage is a great way to begin the home buying process. With a mortgage approval, you will be in a better position to negotiate with Sellers. You will also be able to close on a property quicker than other Buyers. This shows the Seller how serious you are about the property, and it will make the Seller more comfortable working with you. In a "seller's market," or where the number of houses on the market are limited, a pre-approved mortgage is essential.
Many Buyers apply for a loan and obtain approval before they find the home they want to buy. Why? Pre-qualifying will help you in the following ways:
- Generally, interest rates are locked in for a set period of time. You will know in advance exactly what your payments will be on offers you choose to make.
- You won't waste time considering homes you cannot afford.
Pre-approval will help you in the following ways:
- A Seller may choose to make concessions if they know that your financing is secured. You are like a cash Buyer, and this may make your offer more competitive.
- You can select the best loan package without the pressure.
We can recommend a Lender who will help you through this process. It is often advisable and helpful to have a second opinion. There are many loan options available in today's market, and making sure you are aware of your options is one way we assist you in the home buying process. |
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