If you’re thinking of investing in real estate, you might be wondering exactly where you should be starting your homebuying journey. Is it with a home search? A real estate agent? An open house? Actually, the answer might surprise you: it’s with getting pre-approved.
Get Pre-Approved, Start Your Homebuying Journey
It’s no secret: real estate is competitive in today’s day and age, especially in a hot market like the Triangle. For buyers, that means you’ve got to be prepared if you want to be able to beat out the competition for your dream home. And that’s where getting pre-approved comes into play.
Here are three reasons to get pre-approved before you start searching.
You know what you can borrow
Getting “pre-approved” essentially involves allowing a lender to take an in-depth look at your finances—your credit, income, savings, debt, and a few other things. One of the major advantages to taking this step is that you’ll learn exactly how much a mortgage broker or bank is willing to lend you, which in turn helps determine how much home you can actually afford.
You gain a competitive advantage
Getting pre-approved isn’t just for your own benefit; it actually can make a big difference to sellers, too. When you submit an offer on a home, you’ll include your official pre-approval letter, which shows sellers that you’re serious about buying—and you can put your money where your mouth is.
You accelerate the homebuying process
Pre-approval can also speed up the overall mortgage approval process. To get pre-approved, you’ve got to submit a decent amount of paperwork, and your lender runs your credit and checks for red flags. So by the time you make an offer on a home, most of the heavy lifting has already been done—leaving a lot less to worry about during the final stages.
Bonus: This can also be very appealing to sellers hoping to close on a tight timeline!
Getting Pre-Approved Is the First Step to Buying!
Getting pre-approved for a loan should definitely be your first step to buying! Need help finding a good lender in the Triangle area? Linda Craft & Team can help! We’d love to put our 350+ combined years of experience to work for you. Contact us today to learn more about what we can do for your real estate goals.