4 Reasons to get a Mortgage Pre-approval
In addition to making you a more attractive buyer, a mortgage pre-approval also lends you some flexibility in terms of bargaining and negotiations. That's because sellers who know that a buyer is already qualified for the offer amount may be more likely to make some compromises if it means the sale is a sure thing.
Here are some key reasons to be pre-approved:
1. There is so much to consider when you’re looking to purchase a new home. From what location you want to live in to what your must-haves are in a house (and alternately, your deal-breakers), you need to juggle a lot of different needs in order to end up with the best home for you and your family. And one of the biggest needs to juggle is going to be cost. Buying a home is a major investment, and most of us aren’t paying for the whole thing up front in cash.
2. When you get a mortgage pre-approval, you’re able to set your budgetary limits and make sure that any home you’re looking at is a home that you will be able to finance. In addition to making you a more attractive buyer, a mortgage pre-approval also lends you some flexibility in terms of bargaining and negotiations. That’s because sellers who know that a buyer is already qualified for the offer amount may be more likely to make some compromises if it means the sale is a sure thing. If you want some repairs or improvements thrown in or if you want the seller to cover your closing costs or purchase a home warranty for you, your mortgage pre-approval will help strengthen your position and may make it more likely that you get what you’re asking for.
3. On average, it takes about 50 days to close on a house. The delay is due to quite a few different things, and that includes mortgage approvals. If you’ve already got your pre-approval in hand, you’ll be able to speed up the process so you can move into your new home earlier than you might have been able to otherwise.
4. Securing financing is the first thing that happens when you start to close on a home. With a mortgage pre-approval, financing is already secured and you can jump right to the next steps, such as your appraisal and inspection. This is a particularly beneficial advantage if the seller is also trying to close sooner rather than later.
Give me a call to start your pre-approval process and get you on your way to moving into your new home: 215-498-1443.