3 Reasons Why Homebuying Starts with Pre-Approval
When you make the decision to enter the homebuying market, it’s tempting to immediately start browsing listings to see what’s available. However, the crucial first move for any home buyer is getting pre-approved for a mortgage. Here are three reasons why pre-approval should be your first step in the homebuying process.
Gain a Competitive Advantage as a Buyer
When the number of buyers in the housing market outnumbers the number of homes for sale, it’s called a “seller’s market.” Sellers’ hold an advantage with low inventory heats up the competition among buyers. This can create multiple offer scenarios and bidding wars, making it tough for buyers unless they stand out from the crowd. One of the best ways to get one step ahead of other buyers is to get pre-approved for a mortgage before you make an offer. It also shows the sellers you’re serious about buying a home.
Speed Up the Mortgage Process
Pre-approval can also speed up the homebuying process, so you can move faster when you’re ready to make an offer. In a competitive arena like we have today, a pre-approval may be the leg-up you need to cross the finish line first and land the home you want.
Know What You Can Borrow and Afford
If you’re pre-approved, you have a better sense of your budget, what you can afford, and ultimately how much you’re eligible to borrow for your mortgage. This way, you’re less apt to fall in love with a home that may be out of your reach, plus you can work with your realtor on narrowing the field of options down to home that fits your price range.
Ready to get started on your homebuying journey! Contact one of our expert loan officers today!
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