The decision to purchase a home can be an exciting but sometimes confusing undertaking. When beginning your search for the perfect home, there are a number of factors that you will want to consider. Whether you are a first time buyer or already own a home and want to move up, getting pre- approval for your mortgage is a necessary and time saving step. Here are some of the benefits of getting pre-approved!
Know Your Budget!
Getting pre-approved means that you will have a clear picture of the credit you have available to you to purchase your new home, as well as your price range. This will prevent you from spending time looking at homes that may be out of your budget and perhaps getting attached to a home that you cannot afford. It means that if you find the home that is right for you, it can more easily become yours!
Getting pre-approved for your mortgage means that you can act more quickly once you find the home that is right for you. The process of getting the mortgage approved is generally the longest and most complicated process in any home purchase. It requires verification of your income and employment, an evaluation of your credit reports, and the completion of a loan application. Having this step completed can save weeks of time in the closing process. Pre-approval also means that you have an advantage should a bidding war begin. The seller can be confident that you can afford the bid you are making and that you can move quickly to finalize the sale.
Overall, there are a number of benefits to getting pre-approval for your mortgage before beginning the search for your new home. Most importantly, it can give you peace of mind in knowing that you are ready and able to make the commitment to homeownership, and that you are not wasting your time in looking at properties that you may not be able to afford.
Pre-Approval vs. Pre-Qualification
There is a major difference between a pre-approval and a pre-qual. When a lender pre-qualifies you, they don’t dig too deep into your financials and could easily miss something that could greatly affect your ability to purchase a home. When you get pre-approved, the lender digs deep to get a really good idea of your financial status. Most sellers require that you present a pre-approval letter from your lender when you submit an offer, and most won’t even consider a pre-qualification because it is so vague.
Looking to buy or sell a home in the MetroWest area? Real estate agent Robert Brown of RE/MAX Executive Realty services areas such as Hopkinton, Hopedale, Milford, Upton, Mendon, and many more. To learn more about MetroWest real estate agent Robert Brown, please visit the Meet Your Agent page on SellMyMetroWestHome.com
Homes for Sale in Hopkinton, MA | Real Estate Agent in Hopkinton, MA
Homes for Sale in Hopedale, MA | Real Estate Agent in Hopedale, MA
Homes for Sale in Milford, MA | Real Estate Agent in Milford, MA
Homes for Sale in Upton, MA | Real Estate Agent in Upton, MA
Homes for Sale in Mendon, MA | Real Estate Agent in Mendon, MA