The Importance of a Pre-Approval when Buying a Home!
In this video I talk about the importance of obtaining a Pre-Approval letter! Some buyers do not want to do this, and frankly you are doing yourself a disservice by not getting one. A lender can get you pre-qualified on the phone with some basic information and this should not take up much of your time. The problems you can run into when searching for a home and not having a pre-approval are as follows.
1. You can’t make an offer on a foreclosure, short-sale or HUD property without a pre-approval or proof of funds.
2. You will have to stop and get the pre-approval when you find a property you want to write an offer on. This delay in the process could mean losing a property if another qualified buyer comes in and the Seller looks at their offer and accepts first since you didn’t have financing lined up.
3. Any experienced Real Estate Agent will not put you in their car and drive you around to look at homes without a Pre-Approval letter in hand. With gas prices at close to $4.oo a gallon, a Realtor will make sure they consult you and narrow down your search and make you obtain this qualification!
4. You are potentially looking at homes that would be out of your price range if you don’t get a pre-approval, and chances are the one you like the most is too high for you and then you will base all the rest on that higher priced property. Please make sure you know your limits and are looking at the right priced home for you and your family.
So as a Summary to this post, please take the time to get Pre-Approved and schedule a buyers consultation to have our team guide you and make this process fun and easy for you!
Please feel free to call us at 440-879-7130 or email at [email protected] to schedule your consultation today!
Please call Don Jarecki at Heritage Mortgage for all your Mortgage needs! His direct line is 216-347-3900!