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Are There Benefits To Getting Pre-Approved Before Buying A Home?

Updated: Jan 12

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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Disclaimer: Views and information provided in this post are for general informational and educational purposes only and is not a substitute for professional advice. Before taking any action based upon such information, we encourage you to consult with the appropriate professionals. The use or reliance to any information contained on this site or mobile application is solely at your own risk.

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