Here’s a quick finance tip for home buyers. In competitive markets, it’s good practice to set yourself on track right from the start of your home search with a fully underwritten mortgage pre-approval.
What do I mean? Well, sometimes home buyers get pre-qualified for a home loan before they get pre-approved. A pre-qualification is essentially a verbal estimate of how much you can borrow from a lender.
However, when taken one step further by getting a letter indicating that you’ve been fully vetted and pre-approved for a loan can help your offer stand out in a multiple bid situation. Being pre-approved sends the message to the seller and seller’s agent that you’re a serious buyer with the credit and finances necessary to obtain a mortgage loan.
In a seller’s market, this finance tip for home buyers can give you a competitive edge over others who only have a pre-qualification. And remember, if you have questions about getting pre-approved I can connect you with a trusted lender for an initial discussion.
Whether you are a first-time homebuyer or an experienced one, buying a new home can be a stressful process. To make the process easier, click here for a checklist with six ways that you can prepare in advance.
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