I'm sure you have heard from one person or another who is on the hunt for a home that it hasn't exactly been easy. So, why not do everything you can to set yourself up for a smooth and successful home-buying process?
Here is one thing you can do to gain a competitive advantage, accelerate the process, and know how much you can afford.
GET PRE - APPROVED
Going to an agent and choosing a lender is your first step. Receiving that pre-approval letter really should be the key you want to have in your pocket for when that dream home becomes available.
What exactly is a preapproval? It's when you gather information such as your job status, income, credit score, etc. and the lender uses that information to give you a number that represents the amount you can afford to borrow for a home. (You can do this all from your phone if you prefer it that way, email me to get the link to the app!)
So, why does this help you? As I stated before, there are three main reasons.
1.) You gain a competitive advantage.
Who doesn't want that? Especially now when bidding wars and multiple offers are something most buyers will have to deal with, you want to have every advantage you can get. A preapproval letter from your lender says your serious. It says I'm all in. I want this and I'm ready to prove that. Not to mention it shows the sellers that you actually have the funds ready to go if the offer was accepted and that's obviously important and reassuring to them.
2.) Move forward, faster