You may think a real estate agent is just being nosy when they ask "Are you preapproved?".
But we ask because there's a mutual win-win involved in that question.
It helps you AND it helps the agent to know that you've been through the preapproval process with a reputable loan officer.
If you've taken that step it establishes a few things:
1. You're serious about buying a home
2. We know your comfortable limit AND what we need to ask for as part of the purchase offer when we find the right home.
The mortgage pro is going to establish a few key parameters:
- The type of loan
- How much you can borrow
- The terms of the loan (percent down, length, etc.)
- Whether the buyer needs closing cost assistance and if so, how much
Knowing those key terms helps me as an agent better serve my clients because:
- I won't be taking the buyer to communities the loan doesn't fit (e.g. need an FHA loan and the condo association isn't FHA certified)
- I don't "tease" the buyer with homes above their price point
- We know whether or not the buyer has to sell their current home to buy
It's always good to know as a buyer what you can and can't do.
Want to discuss further? Just reach out at 513-520-5305 or email Liz@LizSpear.com.
Serving Greater Cincinnati home buyers and sellers,
Bill & Liz aka BLiz