5 Benefits Of Being Pre-Approved For A Mortgage
By far the biggest mistake I see first time buyers make is not being pre-approved for a mortgage. Often it is because they don’t know the steps or maybe are just wanting to see what the market is like. Whatever the reason if you are serious about buying a home I strongly recommend you get pre-approved for a mortgage.
Here are 5 benefits of getting pre-approved:
- Loan Options - Knowing what type of options you have as far as loans are concerned is important. This includes knowing how much your monthly payments are, down payment requirements and what type of terms to expect.
- Credit - Having your credit pulled and reviewed by a loan officer is very important. This will give you an idea of where you stand on credit and possibly any issues as well that you can address.
- Budget - Knowing how much you can borrow is very important. Don’t forget the lender will give you an amount, usually a maximum amount you can borrow, keep in mind what you want to borrow. You may not feel comfortable maxing out your credit, this is a good time to figure out what you feel comfortable with as far as getting a loan.
- Creditability - If you are pre-approved for a mortgage the sellers and listing agents will actually take your seriously. What good is an offer if you are not approved for a loan? So be sure to get pre-approved, it will go a long way.
- Start Viewing Homes - This gives you the ability to actually start looking at homes with confidence. Many sellers and listing agents won’t let you view a home if you are not approved. Having that approval on hand will let them know you are serious buyer.
Getting pre-approved has it’s advantages, something you can do easily and get so much benefit as well. Be sure to take the time to do this step as it will pay off greatly when you decide to start your home buying process.
With a heart of a teacher I look to educate my clients about the process of buying, selling or renting real estate. I strongly feel an informed and educated consumer will make better decisions and be less likely to be taken advantage of.
Have questions about this or other topics, don not hesitate to contact me.
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Luis Cuevas, Realtor®
RE/MAX Cross Country
1990 Justin Road
Highland Village, Texas 75077
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