Why You Should Be Pre-approved Before Starting Your Home Search

Today I wanted to talk to you about why it’s important to get pre-approved prior to starting your home search. Ultimately, getting pre-approved is like getting your license to purchase a home. Since buying a home is an important financial decision, it is important you know your financing options to find the mortgage that best suits your needs. Meeting with a qualified lender will help you determine what your options are.

A few options your lender may discuss with you are where you want to be payment wise, what you are approved for and what you are comfortable with; because we know those are two completely different topics. What type of mortgage meets your needs? Would it be an FHA mortgage, conventional mortgage or a VA financing suit you best? What is your credit score and what are the current interest rates? Do keep in mind that interest rates fluctuate on a day to day basis. Also, how much are you planning to put down and what are your options?

Have you considered what your closing costs and the terms of your mortgage could be? Knowing your options not only starts a stress free search, but it also gives you a competitive edge when it comes to making an offer on a listing as a buyer. Most listing agents won’t even look at an offer without a pre-qualification letter, so it’s very important you start this process right away. This also reassures sellers and gives them trust in buyers that have been pre-approved.

If you need assistance finding a lending professional, we’re here to help! If you’re searching for a home, feel free to check out our featured listing on our blog. If you’re interested in selling, check out our home value report. Thank you for tuning in today, my name is Breena Whiteside and I can be reached directly at (602) 954-4663 or at breena@suebentley.com. Thanks and have a great day!