Q. Why should I consider getting pre-approved before buying a home?
A. Years ago, buyers didn’t worry about financing their home purchase until after they found the home they wanted to buy. Once they had an accepted offer, they’d shop around for a week or so and then submit a loan application.
The recent low inventory of homes for sale (in general) has made home buying highly competitive in many areas. To compete, many buyers are now getting pre-approved for a mortgage. This way, the buyer is seen as more stable, has greater influence in negotiating a purchase price, and can act quickly when they find a home the really love. A pre-approved homebuyer is considered almost as strong as a cash buyer.
There are two parts to mortgage approval: 1) approval of the borrower, and 2) approval of the property. Mortgage pre-approval is a process whereby the borrower is approved for a specific mortgage amount. The approval is usually good for a period of time. A property approval is one with satisfactory appraisal and a clear title report. Final mortgage approval also requires a purchase agreement that is signed by the buyer and the seller.
If you’d like free advice on getting the very best financing for your home, or how to get pre-approved for a mortgage (or even refinancing or a home equity loan), please call me at 561-501-6248 or 954-655-0726.
Rochelle Klein-Loper your real estate professional with Exit Realty Premier/
Author:Victor DeFrisco Phone: 561-951-3759 Dated: June 1st 2016 Views: 154 About Victor: ...
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"Thu, May 19, 2016
Joseph Schneider went above and beyond the capacity of a realtor. He facilitated in making the process of us purchasing our first home less stressful because of his knowledge and experience. Joseph made sure that every aspect of our transaction was handled in a professional and timely manner. Whatever we asked for in our search for the perfect home, he made sure that he did his due diligence. Joseph was referred to us and we would most definitely refer him to anyone who is looking to purchase or sell a home."