Buying or selling a home is never an easy decision and one that requires thought, research, and time. I work with many buyers each year to assist them in their home buying dreams. My first recommendation and requirement when working with buyers is to have a pre-approval letter from a lender in hand (unless buying with cash) before looking at homes. Why?
- Even if a buyer qualifies for a certain dollar amount, the payments may not be where the lender or buyer want them to be and we will need to adjust the price range to fit the budget.
- As an agent, I need to know what type of financing the buyer is selecting (Conventional, FHA, or VA). This information impacts the offer, contract, and required documentation.
- When a buyer finds the perfect home, if they do not have the pre-approval in place, then someone else may get their perfect home because we could not submit an offer without the pre-approval information.
- Lastly, I maintain a reputation with other Realtors® so that they have confidence when I bring a buyer and offer to their listings, they know the buyer is pre-approved and ready to buy.
Even though the pre-approval process involves upfront work and effort, the benefits pay off quickly by helping a buyer purchase the perfect home as quickly and stress-free as possible.
