It’s exciting to seek out your perfect home, and chances are, you want to get started right away. Before you do, be sure that you are prepared. Getting a mortgage pre-approval has numerous advantages as you begin your search.
- Know exactly what is in your price range. One of the most important advantages a pre-approval can give you is knowing exactly what is in your price range. This way, you’ll be able to focus on viewing homes that you know you can afford.
- Determine your estimated monthly mortgage payments. A pre-approval allows you to find your estimated mortgage payment. By working with your mortgage lender in advance, you can find the right loan that fits within your monthly budget without the pressure of having to close on a contract for your new home. As a first time home buyer you want to be focused on finding the right home for you, not worrying about exceeding your monthly budget.
- Make a stronger more attractive offer on your dream home. Sellers and real estate agents know you’re a serious home buyer when you can present a pre-approval letter. There are a lot of real estate agents who will not work with buyers unless they have been pre-approved with a lender.
- Speed up the loan process. Once you have decided which loan program works best with your budget, when it comes time to close on your loan it will be a much quicker process. At this point you will have provided many of the documents needed to finalize the loan. So you can really focus on the home you are purchasing, completing the inspections and making the homeownership dream a reality.
Whether you are a first time home buyer or a seasoned one, a pre-approval makes buying a house much easier. Get in touch with a mortgage advisor at Lenox/WesLend Financial to get the pre-approval process started!