Getting pre-approved with a strong local lender sets you up for a successful home buying experience.
Buying a home in today’s market can be tough, but getting pre-approved is a crucial first step. It helps you know how much you can borrow and shows sellers you’re serious. Contact a local real estate pro at Corazón Team and recommended lender to get the tools you need to buy a home confidently.
What is a pre-approval?
As part of the process, a lender looks at your finances to determine what they’d be willing to loan you. From there, your lender will give you a pre-approval letter to help you understand how much money you can borrow.
Freddie Mac explains it like this:
“A pre-approval is an indication from your lender that they are willing to lend you a certain amount of money to buy your future home. Keep in mind that the loan amount in the pre-approval letter is the lender’s maximum offer. Ultimately, you should only borrow an amount you are comfortable repaying.”
Pre-Approval Helps Show You’re a Serious Buyer
Another added benefit is it can help a seller feel more confident in your offer because it shows you’re serious about buying their house. Give a seller more confidence in your offer by attaching a pre-approval letter from a strong, local lender with a great reputation for closing on time.
As a recent article from the Wall Street Journal (WSJ) says:
“If you plan to use a mortgage for your home purchase, pre-approval should be among the first steps in your search process. Not only can getting pre-approved help you zero in on the right price range, but it can give you a leg up on other buyers, too.”
Bottom Line
Get pre-approved when you’re considering a home purchase. It lets you know what you can borrow for your loan and shows sellers you’re serious. Connect with Corazón Team and a recommended local lender so you have the tools you need to purchase a home in today’s market.