Why should you get preapproved for a loan?

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Real Estate Agent with Granville, Newark, Heath, Buckeye Lake & all of Central Ohio
https://activerain.com/droplet/4By7

As a buyer's agent in Licking County, I've met with many different buyers. Some have a loan pre-approval in hand, some have the ability to pay cash and some have decided to wait until they find a house to get pre-approved.

It's a good idea to get pre-approved for a couple of reasons. The first reason is so that you'll know what priced homes you should be viewing. If you're looking at homes that you can't afford, you're going to be disappointed when you can't buy the one you like.

The second reason you should get pre-approved first, is because many sellers are requiring a written pre-approval before they will consider your offer. If you find THE HOUSE and the seller requires a pre-approval, you must wait to submit your offer. In the time it takes you to get your letter, another buyer may come along with a pre-approval and make an acceptable offer. What if your loan officer is very busy or on vacation? You lose out.

It doesn't cost anything to get pre-approved, so do that first. It's a good idea to go to a local lender, Park National Bank, Ohio Heritage, First Federal or any of the Credit Unions.

Give me a call when you're ready to start looking at homes. I cover all of Licking County and the surrounding counties. Granville, Newark, Heath, Buckeye Lake, Utica, St. Louisville, Hebron, Alexandria, Johnstown, Thornville, Hanover, Marne, Pataskala.

Posted by

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Remax realtor buyers agentContact Buyer's Agent Tracie Cope, REALTOR®
Direct: 740-405-6231 - call or text
E-mail: tracie814  @  gmail.com


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Licking County, Buckeye Lake

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Rainmaker
309,920
Mike Wong
Keller Williams Realty Southwest - Sugar Land, TX
Realtor: Commercial, Residential, Leasing, Invest

Great advice Tracie. It also lets a buyer see what approximate loan payments and expenses will be each month and where their comfort level is. Many buyers will look at the top end of their approval price without realizing the monthly obligations.

May 15, 2011 01:03 PM #1
Rainer
208,202
Tracie Cope
Granville, Newark, Heath, Buckeye Lake & all of Central Ohio - Granville, OH
ReMax 360 - www.LCountyHomes.com

Mike - I see that a lot too, just because you can get a loan for a certain amount, doesn't mean you should!  Thanks for the comment.

May 15, 2011 10:41 PM #2
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Rainer
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Tracie Cope

ReMax 360 - www.LCountyHomes.com
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