Importance of a Pre-approved Mortgage
Getting a mortgage pre-approved before you look at a house is one of the first and most important steps you should take when starting your home buying process.
In most cases, you should be pre-approved before you even talk with your Real Estate Agent. Saving time, energy, and avoid disappointment by knowing what you can afford and eliminate many of the headaches involved with home buying.
Heres 5 reasons why you should get Pre-Approved for a Mortgage.
1. You will know what you’re getting into financially – Buying a home is life's biggest purchase and a huge financial commitment and can put financial stress on the most frugal people. Having a pre-approved mortgage will let you know your full budget and monthly payments so that you can easily budget for everything else.
2. You will have more leverage to negotiate – Being pre-approved means you may have greater negotiating power with the seller. Most people want to sell their home as quickly as possible and if your finances are in order they may be willing to lower the asking price to move their home more quickly.
3. You will save time – Being pre-approved for a mortgage only takes up part of the time when buying a home. Most of your effort involves looking through dozens of listings before you find the ideal home. If you know exactly what you can afford, you won’t waste time looking at homes that are out of your price range.
4. You will be taken more seriously – When you have found that perfect home and are ready to buy it is very important that your mortgage has been pre-approved. The seller will realize that you are a serious buyer because you have your finances in order.
5. You will save yourself plenty of headaches – Securing a home buying mortgage can sometimes be the most frustrating part of the process. Unfortunately, many people will miss out on a great opportunity – or even worse – their dream home because they couldn’t secure a mortgage quickly enough.
Home buying can be exciting and frustrating at the same time. One way to make the process more streamlined is to be sure your finances are in order by having your mortgage pre-approved. This will minimize the frustration and anxiety and help you understand your limitations and finances.
Not sure who to go with, in finding a Mortgage Pre-approval, Give us a call and we can assist you with finding the best Mortgage Broker for your needs.
