You have been thinking about a "move up" and out of your current residence and finding a larger home for your growing family or out of the shoe box of an apartment. Where do you begin? Begin by being knowledgeable about your buying power through loan pre-approval.
Let us look at a few reasons why you start with loan pre-approval before you start house hunting.
1. By obtaining a loan pre-approval you send a message to all potential sellers of your credibility as a buyer and you have verified you have the financial resources to conclude the purchase.
2. With loan pre-approval you narrow the list of potential homes you look at so that you find the right house sooner.
3. With a loan pre-approval, as a buyer, you gain confidence and avoid disillusionment by knowing which houses match your buying power.
4. Your loan pre-approval will increase your bargaining and negotiating power with sellers.
5. Pre-approval of your loan enables you to negotiate a faster closing period on your new home because you have eliminated the need to do so after you have a signed contract.
Loan pre-approval works to the advantage of both the buyer and seller and makes the home buying process flow much easier. The first step in your home buying process needs to be loan pre-approval because it establishes you as a serious buyer.
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