Apply for a Mortgage Loan


Why Get Pre-Approved for a Home Loan


Ok, this is a great question. Some people think they can find a house first, then start working on the financing side of the transaction after. However, that is not the correct order. It is almost a necessity in this market to be pre-approved PRIOR to shopping for a home. Here are the reasons why:


  1. Know the Numbers. Even if you are confident you will qualify for any loan, knowing exactly where you stand prior to shopping is important. Everyone has a limiting factor. Is it your credit scores? Or is it your down payment? Or is it your income? Have a local lender approve your loan prior to shopping will give you the numbers you need to know how much you qualify for and what you are most comfortable with. Plus, getting approved prior to shopping may uncover some surprises that you did not know about (like an old collection that you did not know about). Knowing your numbers is essentially the first step on your home buying journey.
  2. Empower your real estate agent. Let’s be real. The first question your agent will ask you is “Are you pre-approved?” and if so, “How much are you pre-approved for?”. A good agent will have multiple clients at the same time. He or she will want to make sure you are qualified and are shopping in the correct price range. You will be disappointing to fall in love with a home, to only find out later that the cost is out of your comfort level or one that you don’t even qualify. Get pre-approved, empower your agent to find you the home that fits your financial picture.
  3. Beat the Competition. This is the most important reason. You WILL be competing against 2, 5, or 10 other people on your offer. The listing agent’s job is to present and advise their client (the seller) on which offer is the most likely to close. Showing up with no pre-approval letter simply makes your offer look inferior to the ones that have one. Have a pre-approval letter from a local, reputable lender will increase your chances of an accepted offer exponentially over other offers. Get pre-approved to beat the competition!


Now that you are ready to start your journey of purchasing a home, let’s start with getting pre-approved first….


Apply now for a Home Loan