June Real Estate Corner

June Real Estate Corner

June Real Estate Corner…

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/

Victor DeFrisco Headshot
Phone: 561-951-3759
Dated: June 1st 2016
Views: 154
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