The best question anyone can ask themselves when embarking on a major life change is, “where do I start?” It’s a common question whether you’re looking to change careers, try a new hobby or even better your personal health. Getting off on the right foot is essential to your success. Now, as a mortgage professional, anyone who casually asks me, “where do I start,” when it comes to buying a home, I would tell them to call a mortgage professional they trust!
While some rush to the MLS website, or even call a local realtor, your home buying experience should start with a call to a mortgage professional. The reason? To get yourself a mortgage pre-approval! Starting with a pre-approval gives you the baseline you need to understand what property is in your range to be looking for in the first place. A pre-approval will allow you to see just how worthy you are from a specific lender. For a mortgage pre-approval, you have to provide supplemental documentations proving your income, the source of your down payment, and your assets and liabilities. The lender will also look at your credit report to determine your credit-worthiness.
The Process is important
At the end of the day, that’s what a mortgage pre-approval is – the process of establishing a borrower’s worth in the eyes of a lender. Do you meet the guidelines for a home loan in the price range you’d like to look? The process of home buying should never be ignored. A Pre-Approval arms you with the most valuable thing you need to succeed in any avenue in life – information. Data and information can be your best friend if utilized properly. To avoid any nasty surprises, it’s best to get pre-approved before doing anything else.
The pre-approval process can begin up to 120 days before you want to buy a home, depending on how long the lender’s pre-approval is guaranteed. While some of the people you could be competing with during negotiations may be tied up with dealing with approvals at the same time, if you arm yourself with a pre-approval, you’ll be a step ahead of the game! It’ll speed up the home buying process. A file has already been opened for you with your lender, and you’ll be providing additional information to what’s already there. It will also give you a much more accurate assessment of the amount of money that you’ll have at your disposal for your property purchase.
A pre-approval will show to your realtor that you’re serious about buying a home, and it will do the same to sellers, which means that the offer that you end up presenting may be stronger than a buyer’s offer without a pre-approval. To a seller, a pre-approval means that your financing is less likely to fall through than it would be without a pre-approval, and in a strong real estate market, every advantage helps.
Let me help you. Feel free to get in touch with ME anytime and I’ll be happy to get you on your way to a mortgage/loan that’s right for you and your loved ones.