Here’s why getting pre-approved should be your first step when buying a home.
The idea of buying a home is incredibly exciting, so many people tend to start the process by looking for homes. However, getting a mortgage pre-approval is a much better step to take first, and there are a few reasons why.
Think of what the seller’s going through: They have to allow total strangers to go through their home, and they aren’t sure whether these strangers are even able to buy it. In a hot market like ours, sellers may outright deny entry to buyers who don’t already have a pre-approval letter.
On top of this, there are a variety of factors that can affect financing. There are different types of lending, such as asset-based income-based lending, and they calculate debts, income, credit scores, and many other items when figuring out your financing. Problems with these can prevent you from getting financing, which is why it’s important to figure out what issues you may need to fix.
If you have any questions about pre-approvals or anything else related to real estate, feel free to reach out to me. I look forward to hearing from you soon.