First Time Home Buyers Pre Approval

First Time Home Buyers Pre Approval

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:

1.) Pre-approval 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!


Lisa Massey Headshot
Author:
Phone: 715-846-0446
Dated: November 5th 2013
Views: 543
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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