Looking to Buy? THIS is Your First Step
If you’re looking to buy a home this fall, there are a few things you need to know. Affordability is tight with today’s and rising . At the same time, although we’re seeing an upswing in the number of listings in this area, there’s still a on the market and that’s creating some competition among buyers. But, if you’re strategic, there are ways to navigate these waters. The first thing you’ll want to do is get pre-approved for a mortgage. That way you’ll know your numbers and can set yourself up for success right from the start of your home search.
To understand why it’s such an important step, you need to know what pre-approval is. As part of the homebuying process, a lender looks at your finances to determine what they’d be willing to loan you. From there, your lender will give you a pre-approval letter to help you know how much money you can borrow. it like this:
Basically, pre-approval gives you critical information about the homebuying process that’ll help you understand how much you may be able to borrow. Why does this help you, especially today? With higher and impacting affordability for many buyers right now, a solid understanding of your numbers is even more important so you can truly wrap your head around your options.
Let’s face it, there are more buyers looking to buy than there are homes available for sale and that imbalance is creating some competition among homebuyers; especially if that property is well priced. That means you could see yourself in a multiple-offer scenario when you make an offer on a home. But, getting pre-approved for a mortgage can help you stand out from other hopeful buyers.
As an article from :
Pre-approval shows the seller you’re a serious buyer that’s already undergone a credit and financial check, making it more likely that the sale will move forward without unexpected delays or financial issues.
Getting pre-approved is an important first step when you’re buying a home. The more prepared you are, the better chance you have of getting the home you want. Connect with a trusted lender and Realtor so you have the tools you need to purchase a home in today’s market.