Mortgage. It’s almost become a bad word filled with images of banks, bills, and bad advice. However, a mortgage is a necessary step for many people who seek the goal of homeownership. Today, we’re going to discuss a few of the benefits of getting a pre-approved mortgage. Many people just don’t realize how much simpler life can be by getting pre-approved to purchase a home.
Better House Hunting
Quick! If you were to go out and buy a house today, what would be your budget? How much could you afford? These are questions that need honest answers before you can start house hunting. By visiting your bank and discussing with a financial advisor what will work for you and your family, you’ll have a better sense of what to look for when you start your search. You won’t have to come down from the high of over-inflated egos, but alternately, you won’t spend hours looking at houses that sacrifice comfort simply because they sound like they’ll be in your budget.
Motivate the Seller
Selling a home isn’t like selling a candy bar, it’s a much more complicated transaction, and failure to close can come from both ends. If you’re serious about closing the deal, having pre-approval is a great way to motivate the seller. If you enter negotiations with a pre-approved mortgage, the other party will know you are serious and feel more secure in following through on their end.
This last benefit is, perhaps, the most priceless. For many homebuyers, there is a need to move quickly. Be it for work, marriage, or educational opportunities, homebuyers don’t have time to wait around and hope they are approved after they’ve invested time into finding and negotiating the purchase of a house. Can you imagine the stress in that sort of situation? If you can, and if it makes the vein in your neck start to throb, seek out a pre-approved mortgage. It avoids any last minute loan surprises that might disqualify you from moving into the home of your dreams.