Why Should I get Pre-approved PRIOR to Viewing Properties?
Are you planning to buy a home? If so, you may be wondering whether or not you should get pre-approved before viewing properties. The answer is a resounding yes! Here's why:
What does it mean to be pre-approved?
When you get pre-approved for a mortgage, a lender will review your financial information and credit score to determine how much money they are willing to lend you. This process typically involves filling out an application and providing documentation such as pay stubs, tax returns, and bank statements.
Why should I get pre-approved?
Getting pre-approved before you start looking at homes has several advantages:
- You'll know how much you can afford to spend, which will help you narrow down your search and avoid falling in love with a property that's out of your price range.
- Sellers are more likely to take you seriously if you have a pre-approval letter, which can give you an advantage in a competitive market.
- You'll be able to move quickly if you find a property you love, since you won't have to wait for the lender to approve your loan.
How do I get pre-approved?
The first step is to find a lender and fill out an application. You'll need to provide information about your income, assets, and debts, as well as consent for the lender to pull your credit report. Once the lender has reviewed your application and documentation, they will provide you with a pre-approval letter.
What if I don't get pre-approved?
If you don't get pre-approved before you start looking at homes, you run the risk of falling in love with a property that you can't afford. You may also waste time looking at homes that are out of your price range, or miss out on a property because you couldn't move quickly enough to make an offer.
What else should I know?
It's important to remember that a pre-approval is not a guarantee that you will be approved for a mortgage. Your lender will still need to review your application and documentation in more detail before they can approve your loan. Additionally, your pre-approval may only be valid for a certain amount of time, so be sure to ask your lender how long it will be valid for.
Overall, getting pre-approved before you start looking at homes is a smart move that can save you time, money, and stress in the long run. So don't wait – find a lender and get pre-approved today!