"Why get a mortgage Pre-approval"... YES there are very valid reasons!

By
Real Estate Agent with Keller Williams Realty 12345   

While trolling for buyer advice to pin to our Pintrest board, I came across this post on blog.ComFree.com (Canadian real estate advice blog). Rosy, the social media marketing manager, gives some very valid reasons for obtaining a pre-approval letter from your lender PRIOR to shopping for a house to buy.

Occasionally we get clients asking why this is necessary. This list is basically every reason we've ever given! The most important one being, you know what to shop for after knowing exactly what you can afford! Any way to narrow the search helps us, as your agents, locate your perfect place!

As always, if you have any questions or would like to talk to us in person, just call or email!

Otherwise, have a great weekend everyone!

Steve & Tonda

 

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Why Get a Mortgage Pre-Approval

 

What with the new increases in mortgage rates, buyers need to carefully prepare for a mortgage application. The very first step after deciding you want to buy a home should be a mortgage pre-approval.

Mortgage pre-approvals

No matter how much you think you can afford, you need to seek out professional services to analyze your financial position in order to get confirmation from a financial institution on the exact amount that you can get approved for a mortgage.

Mortgage pre-approvals will help you focus

With your mortgage pre-approval in hand, you now know what you can afford so you don’t waste any time (yours or the seller’s time) looking at houses outside of your price range.

You are not locked into a mortgage if you can’t find anything suitable but you are locked into the rate mentioned in the pre-approval letter.

By being locked into a rate, you are protected if interest rates rise during the process of looking for your next home and you are free to seek a new pre-approval if rates drop.

Mortgage pre-approvals give you bargaining power

When you do find the home that you are looking for, you may have increased bargaining power during negotiation or at the very least instill confidence in the seller that you have been pre-approved for the price of the property and any conditions in the offer placed on financing should be waived with ease.

You will also be able to act swiftly without hesitation or doubt upon finding the home that suits you, preventing other buyers from scooping it up while you are trying to make an appointment with your mortgage broker to figure out if you can afford it.

It is important to know your limits and buying a home is no exception. Looking for homes with out a mortgage pre-approval can be frustrating, time consuming and might not produce any results.

Mortgage pre-approvals make things easier

A mortgage pre-approval will make the house hunting experience much more focused and pleasurable.

If you have already been pre-approved for your mortgage and are ready to begin house hunting, visit ComFree.com today.

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Rosy Saadeh

About Rosy Saadeh

Rosy Saadeh is the Social Media Marketing Manager at ComFree.com and spends her time scouring the net trying to make new friends, help clients and post interesting stories about real estate and the like in Canada. Connect with her on Twitter, Facebook, Google+, and Pinterest.

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Unless otherwise noted, blogs are authored by Tonda or Steve Hoagland

 

 

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Rainmaker
657,292
Kathy Stoltman
Rockwood Realty - Ventura, CA
Ventura County Real Estate Consultant 805-746-1793

I just don't get why this preapproval is so hard for consumers to understand.  They absolutely need to know what they can afford and qualify for before they look for a home.

Sep 20, 2013 01:38 AM #1
Rainmaker
797,359
Troy Erickson AZ Realtor (602) 295-6807
Good Company Real Estate www.ChandlerRealEstate.weebly.com - Chandler, AZ
Your Chandler, Ahwatukee, and East Valley Realtor

I agree that preapprovals are very important to anyone who is interested in buying a home.  I can't figure out why more people don't understand this, and get pre-approved prior to searching for their new home.

Sep 20, 2013 04:15 AM #2
Rainmaker
132,631
Tonda & Steve Hoagland
Keller Williams Realty - Greenwood, IN
Real Estate - Greenwood Homes for Sale - Central I

Thanks for the comments Kathy & Troy. We have found that some buyers think it comes later simply because they are so very focused on finding the house of their dreams, first! Our buyer agent is very direct with all of our buyers in explaining the need to apply early; but, we thought this article was a great way to explain it, too.  :)   Have a great day!

Sep 23, 2013 01:08 AM #3
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Rainmaker
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Tonda & Steve Hoagland

Real Estate - Greenwood Homes for Sale - Central I
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