Mortgage Preapprovals Carry Many Benefits
Simply stated, a mortgage preapproval helps you know how much money you can borrow to purchase a new home. It can be beneficial for many reasons, so let’s look closer:
Communicates that You’re Serious
Your preapproval lets your realtor and seller know you’re serious about shopping for a home.
Easier to Shop for a House
A pre-approval makes house hunting easier for you and your realtor because it helps narrow the search only to include homes within your budget.
Makes Your Offer Stronger
Sellers are looking not only for high offers but also offers that aren’t likely to fall through due to financing. Your preapproval verifies that you’ll be able to get financing for the offer you gave.
Speeds Up the Buying Process
When you get preapproval, you complete most of the financing process before the offer. This allows you to get to closing – and the first day in your new home! – faster.
Most preapprovals are valid for 90 days, but some lenders may impose a 30- or 60-day limit. Be sure you understand the details of your specific preapproval. We’d love to help you find your new home! Call our team at HomeSource Realty today at (828) 944-4429.