If you are looking to buy a home, then you should consider getting preapproved before you even begin your search. There are some benefits of getting preapproved as well as drawbacks for failing to do so.
Benefit of Getting Preapproved. Having a preapproval letter attached to your offer can go a long way to ensure you get top consideration from the seller. This is because some major concerns of the seller are lifted – you are able to pay for the home and you know what the monthly payments will be, so you have all of the financial information you should need to make an offer.
Drawback of Failing to Get Preapproved. A drawback in failing to get preapproved in the first place is that you could fall in love with a specific house or location only to find out later that you do not qualify for that price range. Being preapproved means you know your budget, you know what you have to work with and can target your specific price range rather than wasting time and hoping you will be a match.
Sellers Require Preapproved Buyers. Most sellers today require a preapproval letter with an offer or they will not even consider the offer. Sellers want some assurances that a deal will come to fruition and a preapproval letter goes a long way in meeting this need.
Get Preapproved Right Away. Getting preapproved is a good step to take as early on in the home buying process as possible. It will save you a lot of time by targeting the right properties in the first place and it will add value to your offer with a seller by making them feel comfortable enough to accept an offer and know that the deal will go through. Speak with a mortgage professional today to get preapproved so that you can have the best experience in finding the right home, at the right price with a payment that is comfortable to you. Your dream home is just around the corner!