SO you are in the talks for a new home or maybe even your 1st home!
You are out riding around one day and see the perfect home for sale…..(calling realtor now)!
You get off the phone with the Realtor and pencil in the appointment to view the home on your calendar. The showing comes and IT’S PERFECT! Let’s make an offer! Then your realtor ask, “Have you been pre-approved?”
“Well, no, why would I? You never mentioned it before and I’m not even sure what it means.”
The realtor goes on to explain what it means and the steps you are going to have to take before writing the offer.
Now let’s fast forward 2 weeks. Got your pre-approval and are ready to make the offer! Opps! The home is already pending another offer. YOU JUST LOST OUT!
This is one of the many instances where having a pre-approval is A MUST, a first step to buying, a cannot go without! There are several other very similar scenarios that will keep you out of the home you fall in love with. Here are some reasons why getting pre-approved before you start shopping for your dream home are a must:
- You’ll know what price range you can afford and what houses to automatically take off your list. (Let’s not waste time letting you fall in love with a home out of budget)
- When you find THE ONE you will be ready to make the offer RIGHT AWAY! (No missing out because time is of the essence)
- You will know how much cash you are going to need for a down-payment and have time to save if needed (No surprises there)
- When you are ready to make an offer on a home, your offer is automatically much stronger (The sellers know you are going to be able to get financed and they aren’t just tying up there home for weeks just wondering if the deal is going to work out)
- You will get to see more properties. (Realtors and sellers alike will know you are a serious and qualified buyer)
- Once you have an accepted offer, the closing process will not take as long. (Less steps to be made on the backside of things = closer you are to moving into your new home)
- You will know the terms of your mortgage so you don’t waste time looking at properties that don’t qualify. (Not all loan products are the same. Some are specifically for condos, some for rural homes, some are even for Veterans. Other loan types are for mobile homes, but only if the land comes with the home as well. Knowing is the best
These are just a few of the reasons that getting a pre-approval is so very important. Getting pre-qualified is good but not reliable or strong because the loan company is going off the word of you, the buyer. Now, I’m not calling you a liar but seriously how many people truly know their exact dollar amount of debt. With a pre-approval you will know exacts because your information will have been pulled, analyzed, and approved!
Before I bore you to much I’ll wrap this thing up by saying if you need information on where to get started with a pre-approval feel free to contact your local bank, mortgage company, or realtor. If you are in the Myrtle Beach/ Grand Strand area, I have a list of lenders I can send you!