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Is Mortgage Pre-Approval Important?

By
Real Estate Agent with Keller Williams Evolution - 447 Boston Street, Suite #5, Topsfield, MA 92593-B

Is mortgage pre-approval/pre-qualification important?

Simply answered...Yes.

Rates are rising, inventory is continuously low, both buyers and sellers are experiencing challenging times finding new homes to purchase. That being the case, do you want your financing to be an added challenge to an already challenging situation? Getting pre-approved for a mortgage is one card that helps you emerge from the offer pack as the buyer of choice. 

When you decide to enter the active real estate market, as a buyer, make sure you speak with your lender of choice. You want to be ready to make an offer when you find the right home. Financing is something that can be prepared ahead of time, so there's no need to miss out on your dream home just because your loan application isn't in order.

Your loan officer will work with you to understand your goals and to ensure you have the documents they will need to pre-approve you.

Be prepared by being pre-approved.

4 Ways to Get a Mortgage Loan Guaranteed - wikiHow

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Grace be with you, and peace, from God our Father, and the Lord Jesus Christ.

2 Thessalonians 1:2 KJV

Keller Williams Realty Evolution

447 Newburyport Turnpike Suite #5

Topsfield, MA 01983

 978-887-3995  ~ Office
 978-270-3037  ~ Cell
 DougDawes@KW.com

George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Doug Dawes with inventory being so low, Buyers better be ready to act quickly, and having the financial end ready to go is a must in order to have an offer accepted.  No one wants a financial surprise which could have been taken care of early in the home purchasing process.

Mar 14, 2022 12:03 PM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Hi Doug... asking if mortgage pre-approval is important is like asking if the Pope is Catholic! :)

Mar 14, 2022 12:22 PM
Hannah Williams
HomeStarr Realty - Philadelphia, PA
Expertise NE Philadelphia & Bucks 215-820-3376

Doug Dawes  Buyers need to start at the beginning not in the middle. Nothing worse then to start looking for a home and find out it is not in your reach . Have your ducks lined up   

Mar 14, 2022 12:33 PM
Doug Dawes
Keller Williams Evolution - 447 Boston Street, Suite #5, Topsfield, MA - Topsfield, MA
Your Personal Realtor®

Hi George Souto 

The post was intended to be directed at buyers and you have reaffirmed the need for buyers to be diligent 

Mar 14, 2022 12:49 PM
Doug Dawes
Keller Williams Evolution - 447 Boston Street, Suite #5, Topsfield, MA - Topsfield, MA
Your Personal Realtor®

Hi Nina Hollander, Broker 

I agree with you. That being said, there are many buyers who do not understand the importance of being pre-approved; We as Real Estate Agents know. This post is for those that do not.

Mar 14, 2022 12:51 PM
Doug Dawes
Keller Williams Evolution - 447 Boston Street, Suite #5, Topsfield, MA - Topsfield, MA
Your Personal Realtor®

Hannah Williams 

Absolutely...  With the way the market is these days it only takes 1 little delay to derail a potential purchase

Mar 14, 2022 12:53 PM
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Doug, good question, but without it, don't even think about viewing homes! 

Mar 14, 2022 02:22 PM
Mark Don McInnes, Sandpoint-Idaho
Sandpoint Realty LLC - Sandpoint, ID
North Idaho Real Estate - 208-255.6227

Now days Doug not being preapproved much akin to wanting to start your car with no key.  Very unlikely it will happen.  M

Mar 14, 2022 06:12 PM
Endre Barath, Jr.
Berkshire Hathaway HomeServices California Properties - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Doug if they do not give me a preapproval with Proof of Funds it is DOA:)Endre

Mar 14, 2022 11:38 PM
Kathryn Acciari
Central One Federal Credit Union - Shrewsbury, MA
Mortgage Loan Originator

In my area we are now seeing listings that have language stating that buyers' pre-approvals must have had a loan originator review income, assets, and credit history. Interesting! 

Mar 15, 2022 03:43 PM
Doug Dawes
Keller Williams Evolution - 447 Boston Street, Suite #5, Topsfield, MA - Topsfield, MA
Your Personal Realtor®

Hello Joan Cox 

You are right on point. These are very much needed these days

Mar 16, 2022 10:39 AM
Doug Dawes
Keller Williams Evolution - 447 Boston Street, Suite #5, Topsfield, MA - Topsfield, MA
Your Personal Realtor®

Hi Mark Don McInnes, Sandpoint-Idaho 

I hear you on that one. How are things in Idaho? I buy many products through a very well know company in Idaho

Mar 16, 2022 10:41 AM
Doug Dawes
Keller Williams Evolution - 447 Boston Street, Suite #5, Topsfield, MA - Topsfield, MA
Your Personal Realtor®

You're tough Endre Barath, Jr. proof of funds too? We do that on cash purchases

Mar 16, 2022 10:43 AM
Endre Barath, Jr.

Doug if they have the money  they are willing to attach with the offer, Endre

Mar 16, 2022 02:36 PM
Doug Dawes
Keller Williams Evolution - 447 Boston Street, Suite #5, Topsfield, MA - Topsfield, MA
Your Personal Realtor®

That's interesting Kathryn Acciari isn't that part of what a loan originator does anyway. Maybe I've missed something

Mar 16, 2022 10:46 AM
Kathryn Acciari

Yes, Doug Dawes, but a pre-approval letter does not always contain that language. What is more pertinent is that that requirement has not typically been stated in listings.

Mar 18, 2022 03:33 PM
Candice A. Donofrio
Next Wave RE Investments LLC Bullhead City AZ Commercial RE Broker - Fort Mohave, AZ
928-201-4BHC (4242) call/text

Without a preapproval, how will you know what you can buy, what it will cost and what your payments will be? Anyone who needs financing needs to get it FIRST. I've never bought anything financed without talking to the lender before even looking!

Also, in my experience those who say 'It just won't be a problem' ----> IT'S A PROBLEM for which they will usually blame the lender who can't qualify them. Those who think they can get away with it are too unintelligent for me to work with. 

Apr 04, 2022 09:15 AM
Doug Dawes
Keller Williams Evolution - 447 Boston Street, Suite #5, Topsfield, MA - Topsfield, MA
Your Personal Realtor®

So many times I have heard people blame the bank for their inability to get approved for financing  Candice A. Donofrio 

Apr 19, 2022 01:24 PM