Why You Should Be Pre-Approved When House Hunting
When it comes to house hunting, there are parts of the process that are, well, less than glamorous. One of those steps? Getting pre-approved for your purchase. While many buyers wait until they’ve found the home they want before thinking about financing, getting pre-approved before you start the search can set you up for success and can even help you land your dream home faster.
This article will help inform you on how to become pre-approved before your house-hunting journey begins. If you already have a Pinterest board ready for your dream decor, you might as well get your finances and documentation in place, too.
One of the biggest perks of being pre-approved is that it shows sellers you're serious.
A seller is much more likely to choose a buyer who has been pre-approved, as it signals that financing is secured and that the buyer can actually afford the cost of the home. It also puts you at an advantage over buyers who haven’t started the approval process, shows you've done your homework, and gives sellers peace of mind that you're ready to move forward.
Is your dream dining room bigger than your actual budget? Getting pre-approved helps set realistic expectations. You'll know exactly how much a lender is willing to let you borrow, which saves time during your house hunt and helps you avoid the disappointment of falling in love with homes outside your price range. Avoiding setbacks and heartbreak can be a big part of navigating the emotional hurdles that come with home buying!
Being pre-approved also sets you up for a faster, smoother sale. Having financing ready to go means you can submit offers quickly and stand out to sellers who are eager to close the deal. Skipping this extra step upfront can delay the process and even cause you to miss out.
Think your finances are in great shape? Pre-approval helps double-check that there are no unexpected setbacks you might face when going to get approved after your dream home is picked out. The process gives you a full look at your credit score, borrower profile, and any financial red flags that might slow things down. Unexpected setbacks like open accounts you thought were closed, outstanding debts, or funds that need to be moved can be discovered early, giving you time to fix them without risking a lost sale.
Our advice? Talk to a lender, get your pre-approval letter, and let the house hunting begin.
Our professionals at VSells&Associates are ready to support you every step of the way!
Whether you are buying or selling, we at VSells & Associates make it our mission to guide our clients through the whole process. We make moving simple, straightforward, and as stress-free as possible.