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The Importance of Getting Pre-Approved

 We’re discussing the value of pre-approval and sharing some reasons why buyers need to start there.

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Interest rates right now are at all-time lows; if you’re at all interested in purchasing a property in 2020, now’s the time to do it. Likewise, if your current interest rate is above 4% or 4.5%, and you intend to stay in your home for a while longer, we’d even suggest refinancing now. We can connect you with a trusted lending partner of ours to see if, given your particular circumstances, it’s worth it to refinance.


“The key with pre-approval is being proactive.”


As a buyer, you always want to know your purchasing power—what can you get approved for? Knowing this gives you confidence, as you’ll know your comfortable price range and anticipated monthly payment. You don’t want to get attached to a particular house only to find out later on that it’s well outside of your affordability. 


Getting a pre-approval ahead of time also helps buyers in our seller’s market, wherein inventory is very low. If you find the right house, it likely won’t be on the market long, and you’ll need to come up with a solid offer quickly. Don’t rush to get pre-approved once you’re already out shopping; you’d be doing yourself no favors, as other pre-approved buyers will easily swoop in ahead of you


Once again, we’re ready to connect you with professional lenders to help you get the ball rolling. Josh with Legacy Mutual Mortgage, is one of our trusted people. He can run through your entire situation, find out what you need to do to meet your goals, and help you create a timeline. 


Legacy Mutual also offers a unique product called a leap program, and we’ve seen firsthand how it can be a powerful tool in a market like this. Instead of going through the typical mortgage process, where all of the documentation is requested after the contract is hammered out, the leap program starts with the documentation. 


Of course, there will still be things like the appraisal process to factor in, but shopping for homes with an almost fully unwritten approval is an undeniable edge—in our market, you need to be proactive. If you’re considering buying a property soon or still need to get pre-approved, reach out to us by phone or email. We’re here to help. Let us steer you in the right direction.

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