This is good advice! So important for buyers to obtain pre-approval before looking for a home. Especially in markets where the inventory is low and the demand for housing is high.
House Hunting? You Need a Pre-Approval Letter
Will you be dropping by a few open houses this weekend? Take a pre-approval letter with you! Pre-approvals provide house hunters with a number of benefits:
- Your Realtor knows you’re serious when you present a pre-approval letter.
- Sellers prefer to negotiate with prospective buyers with pre-approvals over simple pre-qualification letters – often times sellers won’t even consider your offer without a pre-approval letter from a licensed mortgage loan originator!
- Your mortgage pre-approval letter takes into consideration down payment percentages, interest rates, property taxes and mortgage insurance – which makes it clearer to you (the buyer) just how much you can truly afford to borrow.
- A solid pre-approval will help you get your loan processed faster. Getting a pre-approval could take your offer from a 60 day closing to as little as 30 days.
Pre-Approvals are Not Pre-Qualifications
Pre-qualifications will give you an idea…
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Stay organized and focused on your quest for a new home, to make the search easier and avoid surprises later
In the hunt for the perfect house, it’s easy to get swept away by a home’s most charming details (a gracious front porch) and play down the important stuff you’ll be kicking yourself for later (the price is over budget). And if you are touring multiple open houses each weekend, keeping everything straight can get complicated.
Set your priorities and streamline the house-hunting process early on, and you can breathe easier knowing you have a handle on things. It’s probably the most important purchase you will ever make, so take a few deep breaths and make a plan before diving in — you’ll be glad you did.
These 12 tips can help you stay organized and focused on the important things during your house hunt.