Why is it essential to get preapproved before searching for a home?
One of the biggest mistakes homebuyers make is finding a house online and wanting to buy it right away. They’ll contact an agent, see the house, and fall in love with it. The fact is they don’t even know if they can buy it, but now they’re attached. The convenience of the internet and online listings make this mistake all too common. But you don’t have to go through that.
A Real Estate Agent’s job is to help you find your new home that is as close as possible to your preferences. They do this by asking you what you’re looking for in a new home and potential deal breakers. They also need to know: Are you qualified? What is your price range? Your financial parameters are important because they want you to fall in love with a home you can afford. The worst thing you can do is go out, find a home you fall in love with, and find out that you can’t buy it. Talk about heartbreak!
What does preapproval do for me when submitting offers?
That’s why pre-approval is the first step in the home-buying process. It provides a level of certainty because your offer includes your financial verification. When you get preapproved, a lender will review your finances and say, “Yes, I would lend this amount to you.” Boom. You and the seller both know your offer is solid.
Nobody will accept your offer without a pre-approval letter, so this needs to be your first step. It’s the best thing you can do for yourself as a prospective homebuyer. It’s also one of the easiest steps, and Prestige Home Mortgage offers it for free!
You can get preapproved online within 24 hours.
Get stuck or have any questions? Our Loan Officers are available to help. Our small team loves to educate about all things homeownership. You can click here to schedule an (always free) consultation or call our office at 508-366-4006.