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Mortgage Pre-Approval Still Important For Today’s Buyers
As today’s lending standards require higher credit scores and larger down payments than in the recent past, it’s more important than ever for buyers to be pre-approved for a mortgage before starting the home shopping process. Here’s why: * Knowing exactly how much money you can qualify to borrow will ensure you don’t waste your time looking at homes you can’t afford. * Based on your loan pre-approval, you’ll know in advance what contract terms you’ll want to negotiate with sellers–for example, seller-paid points, closing costs, inspections, etc. * If you find a particularly good deal on a home, you’ll be able to jump on it, without worrying about whether you’ll get the financing you need. * Having done much of the loan application paperwork ahead of time, you can assure sellers who may need a fast settlement–as with pre-foreclosure sales–that because you are already approved for a mortgage, your contract will go to settlement (closing) quickly. Source: ... more

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