Today’s hot real estate market is great news for buyers and sellers alike, but it also means you must be prepared to act fast. A pre-approval gives you multiple advantages in this fast-paced real estate market, showing the seller that you are a serious buyer and giving you an edge in the case that there are multiple offers on the house.
Helps You Determine Your Budget
Many people go into the home buying process with their own idea of what they can afford, but have not considered how much they are approved to borrow from the bank. Going through the pre-approval process gives you a much better idea of how much home you can afford, and what your monthly payments will be. Be clear upfront about your budget (and stick to it) so you don’t waste time falling in love with a house that isn’t financially feasible.
Makes You An Attractive Buyer
In today’s market, a homeowner often has to sell their house very quickly. The risk of leaving a home unsold while a potential buyer goes through the approval process can be a big turn-off to sellers. Being pre-approved signals to a seller that you are serious about your bid and you are ready to act now. This can give you an advantage over buyers who are not pre-approved, increasing the likelihood of buying that dream home.
A Pre-Approval Saves Time
Once you have picked your ideal home and made an offer, the last thing you want to do is spend weeks going through the approval process. Being pre-approved can take a big load off your plate and help you rest easy when you are ready to buy.
Buying a house should be fun! Don’t wait, contact Priority Mortgage today to secure a pre-approval for your loan.