Why Its A Good Idea To Speak With A Lender BEFORE Looking At Homes

Why Its A Good Idea To Speak With A Lender BEFORE Looking At Homes

If you're thinking about buying a home, you'll want to ready this.

Have you ever wondered why your realtor suggests that you get pre-approved for a mortgage loan BEFORE looking at houses?

Here's a couple reasons why..

  • It's simple. Being Pre-Qualified or even better, Pre-Approved for a mortgage loan can save you from wasting time and even eliminate disappointment. We would never want to show you homes that you can’t afford. Speaking with a mortgage lender will confirm the exact price home you can afford down to the monthly payment. The worst thing to have happen is find your dream home, then find out you just cannot afford it.

  • Another reason to get a pre-approval for a mortgage is the advantage it can give to a buyer when in a multiple offer situation! You will present a strong offer by showing proof of the funds and reduce your changes of missing out on a great deal. You may not be the only one with your eye on that perfect home. Being pre-approved before you find your dream home will save not only time on viewing homes in your price range but it will also save time when you are ready to submit an offer! You will have this step completed and can make your offer before the next interested buyer instead of being a step behind.

  • A lot of times when buying bank owned property, is it required. Your offer may not even be considered without having this step completed. Even with an extremely high credit score.

  • If you don’t watch your credit report closely, you aren't alone. Quite often a buyer may have errors on their credit report and this will be found and resolved during the application and underwriting process.

  • If you are self-employed or are considered an independent contractor, getting a pre-approval is extremely important to do before looking at homes. There are many rules that apply to those who are self-employed versus those who are an employee of a company. If you are a self-employed buyer, you will need to provide at the very least, 2 years tax returns.

Think of getting a loan pre-approval as checking your gas gauge before heading out on a long drive - usually a quick and easy process. And with the current lending environment, it can also be eye-opening.

In the event you stumble upon the perfect property, not being pre-approved might cause you to lose out to a more prepared buyer.

Jessica Lloyd Headshot
Phone: 251-656-0254
Dated: April 28th 2017
Views: 1,420
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