Pre-approvals – Why this should be your first step?
You have great credit, have your dream job, your income is consistent, and you have been saving so that you would be ready to buy. So why do you have to get pre-approved before you start looking at homes?
Why would I have a problem getting approved for a loan? I don’t want my credit pulled before I find a house, do I have to? I have used a mortgage calculator online and I won’t have any problems being qualified, isn’t that enough. These are common questions that we get from customers when they finally make the decisions to reach out us. Whether you are a first-time home buyer or have decided to purchase your second home this really is the first step before looking at homes or even reaching out to an agent. Starting a Pre-approval early helps buyers feel comfortable and prepared when they find the perfect house. We will work together to verify that you are qualified, that you feel comfortable with the total cash to close and the monthly payment, establishing a sales price and loan program which works best for your needs. All of these factor into what you can or may want to qualify for. It is also helpful to know if you will need seller assist and if so how much is needed.
In addition to making sure your pre-approval matches your financial goals taking a pre-approval helps prepare us early for anything, we might want to address up front. We find in some cases there might be something on your credit report that you might not have known about. Knowing about it in advance allows us to correct any errors that might be listed or decide on how we take action to fix it. With many first time home buyers carrying a lot of student loan debt it allows us to spend time working with them to see what agency would best fit their needs and make sure they are comfortable with their monthly payment. No two loans are the same and you can’t fit each buyer into a box when qualifying them for a loan. Our goal is to help you be ready, prepared, and able to buy a house before you find that perfect house. We will help from Pre-approval to the closing of your home and make it as stress-free as possible.
Please call us to talk about the next steps in determining what you are Pre-approved for or answer any questions that you have.