Why is a Pre-Approval Important?
It takes the stress out of the buying process for both the buyer and seller. Buying a home is an exciting roller coaster! Obtaining a mortgage pre-approval can make the ride less scary and much more enjoyable. A pre-approval indicates that a lender has looked at your credit history and verified your ability to afford a certain loan amount. This reassures the seller that you can buy their home.
Why is this essential?
- Most importantly, a pre-approval brings peace of mind by limiting surprises that could impact your purchase transaction or, in some cases, prevent you from buying all together.
- Your real estate agent can perform targeted property searches knowing what you can afford.
- Most sellers won’t even LOOK at an offer unless the buyer has been pre-approved by a reputable lender. You stand a MUCH better chance of buying the home if you are pre-approved first.