Should I Get Pre-Approved?
This is a very common question asked by buyers.
Buyers who are serious about purchasing a home should get pre approved prior to going out and looking at homes. You don't want to go out and view homes and then find one you like and try and get pre approved only to watch the house you wanted get taken by someone else.
Using a mortgage calculator on line or entering a few numbers into a websites "pre approval" chart will not get the same results as if you get pre-approved from a lender. Once you have that piece of paper, the golden ticket as I like to refer it to, that says you are pre approved, you will know exactly what you can purchase a home for.
Pre-approval, as opposed to pre-qualification, signifies that the loan application has been taken through a rigorous procedure.
Here's why pre-approved buyers are ahead in the home buying game:
* If you make an offer on a home and then apply for a loan, you are at the lender’s mercy, who is aware that you do not have time to shop around.
* Pre-approval saves time spent looking at houses you can’t afford.
* A pre-approval letter from a lender gives you an edge when multiple offers have been made on a house.
* Pre-approved buyers can generally close escrow more quickly, since most of the work has already been done.
Contact me if you have any questions or would like to be pre - approved.