Why Getting Pre Approved Is Critical To Your Home Buying Success
The other day, one of my buyers who is just starting to look for a home asked me: do I really need to get pre-approved now? I'm just starting to look - surely that can wait until later in my search.
I felt her pain. The pre-approval process just sounds like a hassle - I remember thinking the same thing before buying my first home. "Who has time to provide all that information when I don't even know when I'm going to buy?"
But here's the reality - getting pre-approved is not just helpful, it's critically important to your home-buying success. And here's why:
1. A pre-approval tells you what you can reasonably expect to afford given current lending standards, interest rates, and your financials. Without it, you may be looking at homes that are either unaffordable, or they're realistically priced but might not have enough space or upgrades for your needs - and therefore, you could look for places with those amenities at a higher price point. In most cases, if your real estate agent is experienced, they'll be reluctant to show you homes before you have a pre-approval, because they don't want to waste your time on places that may not match your conditions. Get the pre-approval and you're saving yourself a ton of time and guess-work.
2. When you find your ideal home, you'll need to attach a copy of your pre-approval letter to your offer. This lets the seller know that you're a qualified buyer because you're likely to be able to get financing for the home. That said, you don't want to be jumping through hoops at the last minute to get pre-approved; though the process doesn't take a lot of work, it will require you answer a few questions and provide some simple asset verification to your lender. By the time you want to place an offer, you want to be focused on negotiations - not stressing about getting your pre-approval done.
You need to have a pre-approval to even compete for the home you love - and the sooner you get it done, the more stress-free and smooth your experience will be!
If you have questions about the pre-approval process, or other questions related to home buying in general, give us a call at 703.755.0302, or you can also email us or visit our website. We'd love to help and to hear more about your search!
Author:Bethany Stalder Phone: 703-957-8762 Dated: March 1st 2015 Views: 2,583 About Bethany: Bethany Stalder is the co-owner of Fidelis Property Group, a veteran-owned real estate company dedic...
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Fidelis Property Group is a company founded on two simple principles: Loyalty to you, our client; and dedication to helping you find your perfect home in Northern Virginia. These principles are rooted in a culture instilled in our members while serving with the U.S. Marine Corps. We know what it means to serve, and we understand the challenges of relocating - so we dedicate ourselves to supporting you as you transition to a new home and community.
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