Why Should I Get Preapproved?
If you are in the market to buy a home, you have probably heard the term “preapproval” thrown around quite a bit. Here is why preapproval is so important, and why it should be your first step in the home-buying process.
What is Preapproval?
We verify your information and documentation to determine how much money you will be eligible to borrow before you apply for a loan.
Time Is of the Essence
Because the market is HOT! Approval takes time that you might not have in a market that is moving as fast is ours is currently. Waiting to find out how much you can get approved for might cost you the home of your dreams. A preapproval will show the seller you have taken the time and effort to get ready to buy!
It comes back to the competition aspect. In a multiple-offer situation, the seller is much more likely to accept the offer of a buyer who is preapproved, for the simple fact that they know that buyer is in the best position to honor their offer.
Everyone’s Situation Is Different
There is more to being approved for a loan than your income and credit score. No two applicants are ever identical, so even though you think you qualify for a certain amount, based on someone else’s experience or because of something you read, you should still sit down with a lender and let them look at all the variables of your particular situation. That way there is no question as to how much you can offer when you find that perfect home.
Save the Heartache
You don’t want to find yourself in a situation where you’ve fallen in love with a home, only to find out that you can’t afford it! Preapproval allows you to set a realistic price range based on the loan amount, as well as what you can afford in monthly payments. Then, you and your buyer’s agent can get serious and realistic with your home search.
If you are ready to start the home-buying process, your friends at Arboretum Mortgage would love to help you get preapproved--just call 206-860-9330 or go to www.arboretummortgage.com.