The benefits of getting pre-approved for mortgage:
Getting pre-approved for mortgage helps you identify identify any problems you have (too much debt, a low credit score, etc.). The sooner you can find out about these issues the better. It gives you more time to correct them.
Real estate agents will be more willing to work with you. If you were an agent, would you spend hours out of your day to help someone who hadn’t spoken to a lender yet? This is why most agents will only work with buyers who have a pre-approval letter.
Sellers will take you seriously. Put yourself in the seller’s shoes for a moment. Imagine you get two offers from potential buyers. One has been Pre-Approved already and has a lender lined up. The other buyer hasn’t spoken to a mortgage lender yet. If the offers were for the same amount which one would you take? This is important in a very active market where multiple offers are a reality. .
It also helps narrow the field when house hunting. Once you know how much the lender is willing to offer you can shop around within that price range. This is a sensible approach to house hunting.
Preapproval helps you in many ways. It gives you a great idea what the banks are willing to lend you when the time comes, fix any potential issues in the way so you can shop in confidence!
Get preapproval now!
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