Why Should I Get Pre-Approved for a Home?
You’ve spent your free time trolling dmv.thereduxgroup.com for your dream home, and at last, you’ve found it. It’s go time!!!
But wait … is it?
Dreaming about a new home is a fun, but when emotions get attached, finding out you don’t qualify financially for a home can be devastating.
Here’s an insider tip: Clients who can show a pre-approval letter to a seller are more likely to be taken seriously. In a competitive market like this one, that pre-approval letter is a golden ticket that can give you the edge over other buyers. So what is pre-approval? And how do you get it?
The Importance of Pre-Approval
The terms “pre-qualified” and “pre-approved” are often used interchangeably — but there are big differences between the two.
With a pre-qualification, the lender is performing a few checks on your finances to determine the home loan amount you might qualify for. A pre-qualification letter tells you how much the client will probably be able to borrow, but isn’t a concrete number.
For a pre-approval, the mortgage lender examines and verifies your debt, income, savings, assets and credit report. Pre-approval is more vigorous process than pre-qualification, but it firmly approves you to put down that contract on that beautiful home you found!
Put Yourself in the Driver’s Seat!
We strongly recommend that ALL of our clients get PRE-APPROVED for a loan … before your heart falls in love with a home that isn’t yours to keep.
The best part of all is finding out that you actually qualify for your dream home (or an even bigger and better one!). And the best best best part of ALL is being able to purchase that home you see online WHEN YOU SEE IT, and knowing in full confidence that it is well within your budget to do so.
Our Redux Realty Agents can help align your expectations with your budget BEFORE you search searching. You can start the pre-approval process by taking just 30 seconds of your time (it’s literally seven short boxes) here: http://dmv.thereduxgroup.com/finance/
Happy House Hunting!