Pre-Approval is Crucial for Your Home Search

by | Feb 23, 2022 | Uncategorized | 0 comments

Pre-Approval is Crucial for Your Home Search

How Total Quality Lending is different.

If you don’t obtain a pre-approval before you start looking, you might actually prevent yourself from finding—and buying—your dream home.

You probably have heard of a pre-approval when it comes to the beginning of the homebuying process, but what does that actually mean to someone who isn’t as knowledgeable in getting a mortgage.  In today’s market, with skyrocketing home prices and competitive buyers, it has never been more important to have a pre-approval before making an offer yet alone looking for homes.  Here’s why:

Obtaining a pre-approval allows you to know your price range and how much money you can borrow for your loan.  There is large amounts of home buyers and not enough homes which makes the competition fierce and makes “intention” very important. According to the National Association of Realtors (NAR), homes today are receiving an average of 3.8 offers for sellers to consider.  A solid pre-approval is the only way to really show the seller you’re a serious and qualified buyer.

You’ll probably face a few bidding wars are the way.  Pre-approval will serve as an advantage in a multi-offer scenario, and these days, you’ll need it.  If the seller know you are serious and qualified, you’re in a much better position to secure that home.

It has never been more important to have a team of professionals who help navigate you through the process to ensure you take the rights steps and show your qualifications as a buyer when finding a home.  Every move you make needs to be strategic and used as an advantage in this constantly changing market with rising interest rates and prices going up.

We help setup your financial future.

In a competitive market with low inventory, a pre-approval letter is an essential piece of the homebuying process. Not only does being pre-approved educate you on what you can afford, but it shows sellers how serious you are about purchasing a home.