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Real Estate 101: Mortgage Pre-Approvals🏡🤝

A mortgage pre-approval is written assurance from a lender or broker that one is financially able to borrow money, up to a certain amount, in order to purchase a home🏦. A pre-approval is determined on factors such as income, employment and asset documentation, as well as factors such as credit history.

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💎 6 REASONS TO GET PRE-APPROVED 💎

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1. It Carries More Weight then a Pre-Qualification🏋️‍♂️

A pre-approval differs from a pre-qualification. With a pre-approval, the lender has actually checked your credit and verified your documentation to approve a specific loan amount (usually for a particular time period such as 30, 60 or 90 days).

2. You’ll Know How Much House You Can Afford 🧠

Getting pre-approved before you begin house hunting allows you to know how much house you can realistically afford.

3. It Adds Power to Your Offer🔋

In many markets, homes attract more than one offer. If the sellers are weighing one offer against another, they may lean towards to one accompanied by a pre-approval letter.

4. It Could Increase Your Negotiating Power📈

In addition to strengthening your offer when compared to buyers who haven’t taken this step, getting pre-approved may give you the upper-hand when negotiating the price.

5. It Saves Time

Obtaining a mortgage is a lengthy process. Getting pre-approved ahead of time shortens the time between contract to close.

6. Without It, Most Agents Won’t Work With You🙅‍♂️

Doesn’t it make sense now? Think about it: when you hire an agent, he/she will invest countless hours showing you homes over the course of your house hunt. If even your agent is doubting you’re in a position to buy due to a pre-approval, imagine a potential seller.

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Bottom Line, GET PRE-APPROVED! Not only is it a necessary step in your home-buying process, but it can also help you determine how much home you can truly afford.