I always ask for a preapproval up front and some people are so SCARED about running their credit. It is important to do the first to help me best help you. Here are some reasons why.
1. Getting pre-approved tells you the maximum the lender is likely to loan you,. This helps you and me narrow down your home search to affordable properties.
2. You can get an idea of what your monthly payments would be. A lender is best to advise on this. I unfortunately am only able to estimate on a loan calculator.
3. You will have more credibility with real estate agents and with sellers if your loan is pre-approved. Most sellers and agents want to see this with an offer on a home. They don't want to waste their time, or yours. You offer will be overlooked if in a multiple offer situation without it!
4. Mortgage loan approval takes time. If you wait to apply until you're ready to make an offer, you could lose out on the home to someone who is pre-approved. Always be ready when you are ready to buy!
5. The lender often will lock in an interest rate, which protects you if rates rise while you are shopping for a home.
6. If your circumstances don't qualify you for a low interest rate, you'll know that going in. You might decide to look in a lower price range to make up the difference.
7. Pre-approval gives you at least some peace of mind, which you will appreciate during the often-stressful process of buying a home.
Call me, Jennifer Flynn, today for assistance getting in touch with a lender and helping you start the home buying process. 972-345-2017
Author:Jennifer Flynn Phone: 972-345-2017 Dated: February 22nd 2017 Views: 2,175 About Jennifer: Jennifer Flynn is trusted real estate agent in the Dallas/Fort Worth Metroplex. She excels in commun...
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