Advantages of a Pre-Approved Mortgage
The process of shopping for a home can be difficult and taxing, but is still one of the biggest decisions in just about anyone’s life. This is where a pre-approved mortgage can be beneficial. The excitement of owning a home – especially if you are a first-time buyer – can be overwhelming and cloud the way that you progress through the process.
A pre-approved mortgage is the process of communicating with lenders to find out what loan amount that you can get before beginning the process of finding a home. There are definite benefits to getting a pre-approved mortgage that definitely make it an option worth pursuing.
Advantages of a Pre-Approved Mortgage
With all that goes into find a home, making the process easier in any way is something that all home buyers look for. And finding the right home for your needs and wants is enough to keep anyone busy. Making the process smoother with a pre-approved mortgage can make the entire home buying experience better than ever.
Know What You Can Afford
Without a pre-approved mortgage, there is the potential that you could see homes that ultimately end up out of your price range. It can be difficult emotionally to find a home that you love only for financing to not work out.
When you get pre-approved, you know what you can afford before you begin your search. This helps to keep expectations more realistic and helps to avoid situations where you find a home that is out of your range.
Not only that, it is a sensible approach to buying a home. When getting a pre-approval, lenders will guarantee financing as well as the best rate available, based on your situation, for a period around 90-120 days. This ensures that you have the time you need to find your dream home while still keeping the rates that you qualified for.
Using a Realtor
When using a realtor, many will actually require that you have a pre-approved mortgage before they begin the search for your ideal home. This only makes sense: they don’t want to have to spend extra time looking at homes that will wind up not fitting your budget.
By having your pre-approval, it can help to ensure that your realtor focuses on properties that are in your price range. That not only saves time for the both of you in the house-hunting process, but guarantees that there will be fewer disappointments, too.
A Pre-Approved Mortgage is more Convenient
Another area in which having a pre-approval can greatly help is if there are several buyers interested in that particular property. Being pre-approved can give you the leg up on the competition. Sellers are also likely to accept an offer from a buyer that has been pre-approved over a buyer that has no guarantee of financing for the amount of their offer.
When it comes to finding the right home and getting it at the price that you desire, any advantage helps. Pre-approval can be the step between landing the home of your dreams and seeing it go to someone else.
The team at Super Brokers is here to help. Our professional mortgage brokers are here to help you get the pre-approved mortgage that you need to make the home buying process smoother. All you have to do is fill out our convenient online mortgage application.
This allows you to begin your home search with confidence and know that you can afford the home that you are looking into.