Thursday, April 13, 2023 / by Robyn Orgel
Top 3 Reasons Why Getting Pre-Approved for a Home Loan is Crucial: A Comprehensive Guide
One of the most crucial steps in the home buying process is getting pre-approved for a mortgage before you start shopping for a home. It is an essential step for anyone who is serious about buying a home because it provides many benefits:
#1. Knowing your budget before you start looking for a home will save you time, energy, and frustration by preventing you from looking at homes that are outside of your price range. This will also help you avoid the disappointment of falling in love with a home that you can't afford.
#2. It will give you an edge over other buyers who are not pre-approved. In fact, in our Las Vegas area market most sellers will not even consider an offer that does not include a loan pre-approval (or proof of funds for a cash purchase). Put yourself in a seller's shoes - this will make your offer more attractive showing that you are a serious buyer who can afford the home with less risk of taking the home off the market.
#3. It can speed up the home buying process. Once you find the right home and your offer is accepted, the pre-approval process can make the final mortgage approval smoother and quicker, as much of the necessary paperwork and verification has been completed. Lending practices are tighter these days, so the further along you are, the better you will be.
BONUS TIP! This will also allow you more time to explore lending options to find the best fit for your needs.
We are constantly hearing from our clients that the lender process was much easier than they overall thought - especially when they started early. Of course, that is when you have the right support and advisor helping you through the transaction.
To get started, contact us for a list of preferred lenders that are local and know the market. These are lenders that our clients have worked with and were happy with the service, industry knowledge, and results.
Even if you are months away, they can help you make the right financial decisions now to get you prepared when the time comes.
By taking this step, you can approach your home search with confidence and peace of mind.
#1. Knowing your budget before you start looking for a home will save you time, energy, and frustration by preventing you from looking at homes that are outside of your price range. This will also help you avoid the disappointment of falling in love with a home that you can't afford.
#2. It will give you an edge over other buyers who are not pre-approved. In fact, in our Las Vegas area market most sellers will not even consider an offer that does not include a loan pre-approval (or proof of funds for a cash purchase). Put yourself in a seller's shoes - this will make your offer more attractive showing that you are a serious buyer who can afford the home with less risk of taking the home off the market.
#3. It can speed up the home buying process. Once you find the right home and your offer is accepted, the pre-approval process can make the final mortgage approval smoother and quicker, as much of the necessary paperwork and verification has been completed. Lending practices are tighter these days, so the further along you are, the better you will be.
BONUS TIP! This will also allow you more time to explore lending options to find the best fit for your needs.
We are constantly hearing from our clients that the lender process was much easier than they overall thought - especially when they started early. Of course, that is when you have the right support and advisor helping you through the transaction.
To get started, contact us for a list of preferred lenders that are local and know the market. These are lenders that our clients have worked with and were happy with the service, industry knowledge, and results.
Even if you are months away, they can help you make the right financial decisions now to get you prepared when the time comes.
By taking this step, you can approach your home search with confidence and peace of mind.
