Step 1: Pre-Approval and Why It’s Important!

The market seems to move faster every day. Houses are receiving multiple offers often within hours of being listed. It is necessary to be prepared to reduce the overall time and stress involved in the home buying process. Why do I need to be pre-approved prior to looking at house? 1) We need the loan type that you’ll be working with. Not all houses will accept all loan types. It’s a great disservice for someone to get their hopes up over a house that their loan may not be qualified to purchase. 2) We need that comfortable price range. Most Realty sites will show you a potential estimated payment but often that is assuming you’re putting 20% down and doesn’t include the entire costs. Payments often include what is referred to as PITI (Principal, Interest, Taxes and Insurance) and those collectively make up your monthly payment. 3) You can’t submit an offer without one! Without a pre-approval from a solid, reputable lender a person is simply shooting in the dark. I’ve heard countless times how a person would like to see a particular house only to learn that the seller will be reviewing offers too quickly to obtain a solid pre-approval.  Be prepared and get pre-approved. We are very happy to direct you to a lending team that can most likely save you time and money!