Getting Preapproved Offers Advantages to Home Buyers
Are you a serious home buyer? If so, then you want to read this post before contacting a Realtor to look at properties. When you decide you are ready to begin a home search, the first step in the home buying process is to contact a lender and apply for a mortgage. After receiving a pre-approval letter (or a commitment in writing) from a lender to finance the suitable property, you will be afforded several advantages. These advantages include:
Home hunting made easy. Pre-approval lets the home buyer know exactly how much home he or she can afford. Finding a home is focused on a precise price range. This way, you will know in advance how much your mortgage payment is going to be. Unfortunately, many people waste time looking at properties that they could never get approved for. If you get pre-approved, you are not going to have to worry about this problem.
Increase negotiating power. You have increased negotiating leverage and represent a level of certainty with the seller. Being pre-approved is automatically going to give your offers a lot more weight when it comes to negotiating with sellers. Therefore, your chances of getting the house that you want are goingto improve.
Accelerate the mortgage process. Significant time is saved because a large part of the mortgage has already been processed. This process can be the longest contingency in the purchase contract. So, do your homework and get pre-approved!
If you are thinking about buying or selling a home and need an experienced REALTOR. I’m committed to serving you with personal guidance and attention. So, call me today at (301) 502-2669 or email me at dwpettis@aol.com and see for yourself!
Image courtesy of Vichaya Kiatying-Angsulee / FreeDigitalPhotos.net
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