There are many reasons why you should have a pre-approval letter for your mortgage before you even think about buying a home in the Greater Danbury & Candlewood Lake area.If you are like most home buyers, you can not purchase a home unless you are able to obtain a mortgage. If you are considering buying a home, it is important to have the your mortgage pre-approval letter in hand when you meet with your real estate agent to start to your house hunt. Your real estate will know that you are serious about looking for houses, and based on the information you have provided to your lender that you are tentatively approved for finiancing. As your real estate agent, it is expected to have the offer presented with the pre approval letter to the seller.
If you find a house before you even get pre-approval, you really should be pre-approved. Your lender can you figure out what price range for a home that you are looking in & as well as tentatively quote you what a monthly payent is going to be. Also, your lender can even advise if it not the right time for you to purchase a home due to something with your credit history, employment or not enough money saved up yet. They can also advise you on the steps needed to get yourself in a position as to where you can be ready. Homes that are priced properly tend to go under deposit quickly, and you don't want to be in a postion where you have to wait to hear from your lender.
If you just want to see homes, you can look online or stop by an open house. However, looking could be a waste if when it is time for push to shove, your bank won't issue your mortgage. By getting pre-approved up front, you can shop with confidence.
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