Whether it be next week or in 2 years, we always recommend getting pre-approved early in the process. Here are some good reasons as to why:
It’s important to know exactly where you stand and what you can afford to not waste your time searching for the perfect home. A preapproval will better determine this number to see where you stand today. You may be preapproved for a $300,000 loan, but it’s important that you are comfortable with the actual payment as you are qualified pre-tax.
Everyone’s situation is unique. A preapproval will not only show you how much you can afford but also lay out the different options available to you.
First time home buyer? See if you can qualify for one of the many grant programs available in your state.
Credit issues? See the differences in the programs to find out which makes the most sense financially.
Less than 20% down? Find out how to finance the private mortgage insurance.
Your credit is ran to complete the preapproval process. This will allow you to get ahead of any possible credit issues you weren’t aware of. We also provide credit suggestions to help improve credit scores. This ranges from paying down credit card balances to removing collection accounts. Get ahead of it today so you can get into the best program when time comes to buy!
Almost all listing agents will require a preapproval letter if you’re going to make an offer on their client’s home. The best, well-priced, homes fly off the market. Make sure you’re ready should the perfect home come up so you’re ahead of the competition.