Whether it’s your first time buying a home or your fifth, the whole process tends to be stressful. There are lots of ‘i’s to dot and ‘t’s to cross, and the last thing you want is for something to slip through the cracks.
One of the biggest ways to help yourself out in the home buying process? Getting a mortgage preapproval! Although it doesn’t sound like the most exciting thing in the world, it can end up saving you major time and money in the end. Plus, many real estate agents won’t even work with you if you aren’t preapproved.
Browse a few of the top reasons why you should get a mortgage preapproval, and get started on your buying journey in the Main Line today!
Know Where You Stand
During the preapproval process, a lender will check perform an inspection of your finances — checking things like your credit and income — to ensure that you can afford a mortgage loan. Naturally, this process gives you the opportunity to get a better grasp on your financial situation.
In the end, you’ll get an more concrete idea of what you can afford, which helps you narrow down your options. Not only will this prevent you from falling in love with a home out of your price range, but it’ll also help your realtor help you with the search.
Show Sellers You’re Serious
To put it simply, sellers don’t want to deal with buyers that can’t put their money where their mouth is. When you can show sellers that you’ve been preapproved, they’ll take your offer more seriously. This will move you up in their queue of offers, and it’ll give you some extra negotiating power.
Is the seller extra motivated to move out? You — a buyer with proof that you have the money for the home — can capitalize on that by putting out an offer on the lower side. If they really are eager to sell, they might accept it, and save you major money,
Save Yourself Time
Since you’ll already know exactly how much you can put down, you’ll save yourself the time of going through the whole song and dance at the bank. You’ll also be able to speed up the closing process. With a motivated seller and a serious buyer, avoiding a drawn-out closing is a given.
Another less expected way you’ll save some time? Not spending hours stressing over unknown money issues or sifting through houses out of your price range!
Find Your Home with Tammy Harrison
Any questions? Feel free to contact me, and we can get started!