Why Mortgage Pre Approval Is Important

Why Mortgage Pre Approval Is Important

What is a Mortgage pre-approval and why is it important? A Pre-Approval puts you on the right path to buying a home. Knowing your strengths and financial situation before you start house hunting and making offers will help set you up for success. 

1. You Are a More Powerful Buyer: When you are pre-approved, real estate agents and sellers will view you as a serious buyer when you have a lender standing behind you. This means a lender has looked at your financial background and says that you are able to afford a certain house payment. 

2. You Save Time: House hunting not knowing what you can afford can be a waste of your time. Knowing exactly how much you can afford will help ensure you are looking at houses in your price range. Also, you can focus on the features of the house and location instead of worrying about whether or not the home is in your price range. 

3. Reduce Surprises: Meeting with a mortgage lender before you find the perfect home can help ensure that there are no surprises when it's time to make an offer. You want to have your ducks in a row whether it is a debt-to-income issue or a credit report blemish. 

4. Better Bargaining Power: When you have a Pre-Approval letter, you may have more negotiating power because the sellers know that you are serious and have already met with a lender. 

5. Typically Shorter Closing Periods: Being that you have already spoken with a mortgage lender and given them some of your information, the closing process will most likely move along faster. The appraisal can be ordered sooner and the process can move forward. 

A Mortgage Pre-Approval is a commitment to lend. An actual Mortgage Application moves you to the next step. A Pre-Approval Letter is not a guarantee but it is a solid piece of mind tool to help you along your home buying journey.  

Cory Pangburn Headshot
Phone: 616-482-9332
Dated: April 21st 2016
Views: 112
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Pangburn Properties, Inc.
28 South Maple Street, P.O. Box 8
Grant, MI