If you are thinking about purchasing a home this spring, now is a great time to start thinking about getting pre-approved for a mortgage.
Getting pre-approved before you start home shopping is ideal for many reasons. For one, it will allow you to find out how much home you can afford. Your mortgage pre-approval letter takes into consideration down payment percentages, interest rates, property taxes and mortgage insurance – which makes it clearer to you (the buyer) just how much you can truly afford to borrow.
Once you know your price range, you can then begin the search for your dream home AND be able to write an offer quickly once you find the home you love. Sellers often prefer to negotiate with serious prospective buyers who have solid pre-approvals over simple pre-qualification letters. Often, sellers won’t even consider your offer without a pre-approval letter from a licensed mortgage loan originator!
A solid pre-approval will help you get your loan processed faster. Getting a pre-approval could take your offer from a 60 day closing to as little as 30 days.
Getting pre-approved will also bring any credit issues you may have to your attention. This way, you can find out what the issues are and how to fix them before you begin the home purchasing process.
Bottom line: A pre-approval will help you make educated decisions about one of the most important investments of your life, so shop smart! You’re not likely to shop for a car without knowing what you can afford, so why would you home shop without knowing what type of loan you may qualify for?
If you’re interested in getting started on the pre-approval process, please contact me today. I’d love to help you find a loan program that perfectly suits your needs and ultimately puts you in the position to purchase the home of your dreams.