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Why should I get pre-approved? |
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Put yourself in the mindset of the seller. As the market is hot you might receive two equal price offers. One buyer is pre-approved so there is no question about his ability to finance this deal. The other offer has a financing contingency with a mortgage commitment date that is 8 weeks from today. Which offer would you think is a better offer.
Another scenario: The seller is relocating and would like to sell fast. He might be willing to accept a lesser price for the fact that the buyer is offering a quick close. The buyer is only able to offer that because he is pre-approved and does not still have to go through the loan approval process. Pre-approval will also help you determine what price range of house you will be able to finance and will save you time and effort in narrowing down the properties in that price range.
Pre-approval does not cost you anything. Whether you get approved before you offer on a property or after you submitted your offer makes no difference on the time and effort this process will take you. It is one of the few free lunches... take it. If you don’t have a mortgage lender in town contact me for a selection of first class companies. |
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