Few buyers are able purchase a home with cash alone. In
fact, according to the National Association of REALTORS, 9 out of 10 buyers finance the
purchase of their home. In other words, nearly all buyers, especially
first-time home buyers, seek pre-approval for a mortgage and it only takes
about 10-15 minutes!
Here are 3 reasons why to get pre-approved now:
helps to determine the amount you are qualified for. There’s no sense in
browsing for homes that are outside of your limits. Pre-approval will give you
an idea of what you can afford, and more importantly, talking with a lender will
help you to put a realistic budget together so you can hone in on what you want
your monthly payments to be.
2.) Pre-approval will help find the right
program for you. After submitting your credit files to a lender, he/she may
determine if you qualify for a given loan amount based on your credit itself
and your debt-to-income ratio. A lender can then suggest programs which most
closely meet your needs. There’s no need to rush into a financing decision if
you meet with a lender early in the home-buying process.
3.) Agents may not show a home without pre-approval.
Many buyers’ agents will not allocate their time to buyers that have not
yet been pre-approved. In addition, a buyer cannot submit an offer to purchase
without a pre-approval letter from their lender.
Overall, it is to a buyer’s advantage to meet with a loan
officer early in the home-buying process to determine the amount you are qualified
for, to find the right financing program for you, and to be ready to put an
offer in on a home. Don’t let your dream home pass you by!
Author:Lisa Massey Phone: 715-846-0446 Dated: November 5th 2013 Views: 528 About Lisa: Rorabeck Realty Group is pleased to announce that Lisa Massey has joined us as a Buyer’s Agent. L...
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Whether you are buying or selling your home, the 'Rorabeck Real Estate Group' with Keller Williams Realty Integrity WI/MN will make sure your experience is a pleasant one. We pride ourselves on our close to 30 years of experience and our superior customer service within St. Paul, MN, Hudson, WI and the surrounding Western WI areas. Contact us for your home buying & selling needs. "Who do ya know wants to buy a home?"