Why do I need to get pre-approved is a question I often hear from homebuyers- especially first-time home buyers.
I think sometimes homebuyer's are reluctant to get a pre-approval because they don't want their homebuying dreams derailed before they even get started. But that fear is misplaced.
Mortgage pre-approval means a lender has reviewed your finances and, based on factors like your income, debt, and credit history, determined how much you’re qualified to borrow.
Being pre-approved for a loan can give you clarity while planning your homebuying budget, confidence in your ability to secure a loan, and a competitive edge in a bidding war.
But lets say that something comes up in your lender pre-approving you that may show you may do have to do some work to shore up your finances. At least then you know. From there you take control and set on a course to strengthen your financial position so you can be successful in purchasing a house.
In today’s market, connecting with a lender to get pre-approved may be the game-changer that helps you secure your dream home.
