Did you know that there are benefits for getting pre-approved before buying a home?
Thinking of buying a home? Wondering what the benefits of getting pre-approved are? Check out this article (before looking for houses online).
Stronger Bargaining Power
When making offers, a pre-approval letter could help you standout from other buyers, especially if many buyers are looking into the same property. When you have a pre-approval letter, you have a stronger bargaining power compared to those who don't have their finances lined up.
Closer to Closing
Since your records are already in the system, there is lesser back and forth of documents between you and the lender. You can save time, which makes it faster for you to get into the closing table.
Lesser Stress
Getting pre-approved gives you an idea how much you can borrow. This means that when you search for homes online, you know the range that you should look into. You don't have to worry whether you can get the home that you're looking into or not.
What Do You Need to Get A Pre-Approval From A Licensed Mortgage Officer?
The following are the things that you need to prepare when you talk to a mortgage officer to get pre-approved:
Employment Documents
Bank Statements
Tax Returns
W-2 Statements
Credit Report
Place of Residence
To know more about the home buying process or how to get pre-approved for the home of your dreams, contact us! We'd love to help!
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