Finding the right home is an exciting but daunting task. There are many moving pieces that need to line up in order for the process to go smoothly. Unlike prequalification, preapproval means your financial information is verified up front. You will provide a lender with documentation of your taxes, income, and have your credit pulled. The lender is then able to give you a conditional offer that shows what they will be willing to loan you.
Here are 3 reasons you should consider getting preapproved before you begin looking for a home:
You will know your price range Now you can have confidence in your search for a home because you will know what price range to look at and will be less tempted to fall in love with a house you can’t afford. Keep in mind that the amount that you are preapproved for may not be what you can personally afford.
You may be able to make an offer more quickly Because all of your information has already been verified, you may be able to put in an offer right away. Being preapproved may also accelerate the lending process because all of your paperwork will be in order and in the lender’s system.
A seller may take your offer more seriously They will see that you have already started working with a lender and know that there is a high probability that you will be approved for the offer that you make.
Starting your home buying process with preapproval can save you time and heartache. To learn more about the preapproval process, speak to one of our Mortgage Advisors.
This article is for general information only and not intended to provide specific advice or recommendations for any individual.
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Finding the right home is an exciting but daunting task. There are many moving pieces that need to line up in order for the process to go smoothly. Unlike prequalification, preapproval means your financial information is verified up front. You will provide a lender with documentation of your taxes, income, and have your credit pulled. The lender is then able to give you a conditional offer that shows what they will be willing to loan you.