Why Get Pre-Approved for a Home Loan?

One of the most important steps, and usually the first, during the home buying process is obtaining financing. There are many different types of mortgages available. Each mortgage product varies from the amount of money needed down to the acceptable debt-to-income ratios and everything in between. When buying a home, it’s important for you to know for certain, how much home you can afford and what mortgage product best suits your needs. For Instance, there are even loan programs available for buyers who don’t have any money!

Additional reasons to get pre-approved:

1. Powerful Buyer. Sellers often give preferential treatment to pre-approved buyers since they know for sure that you can finance the purchase. If you get into a bidding war with another buyer, the seller might look at your offer in a better light than someone who is not pre-approved even if your offer is lower.
2. Interest Rates. As interest rates go up and down, you can get in on a locked rate before they go up again. You can lock in an interest rate if you are pre-approved, as soon as you have a signed purchase contract. A lower interest rate will save a lot of money over the life of that mortgage.
3. Credit Surprises. Mortgage pre-approval reduces credit surprises. If you wait until the last minute to secure financing and find that you have a few issues that need to be resolved with your credit, you could miss an opportunity to purchase your dream home. Getting pre-approved will help you head-off surprises so you can go look for the perfect home.

If you need assistance with finding financing that best suits your needs give us a call (760)300-9329 for Randy or (760)224-3770 to reach Paul.

 


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