Embarking on the journey to buy a home is an exciting milestone, but before you start browsing listings or visiting open houses, there's a crucial step you need to take: obtaining pre-approval from a lender. At Realty Executives, we’ve seen firsthand how securing pre-approval can make a significant difference in the homebuying process.
Why Pre-Approval Should Come First
Getting pre-approved isn’t just about understanding what you can afford; it’s about demonstrating to sellers that you’re a serious and qualified buyer. In today's competitive market, homes often receive multiple offers, and those with pre-approval letters tend to stand out. It shows that you have the financial backing to follow through, giving your offer a distinct advantage.
Building the Right Relationship with Your Lender
Choosing the right lender is a vital part of your homeownership journey. A trustworthy lender is more than someone who provides a loan—they are a guide and partner in navigating the complexities of mortgage options, interest rates, and closing timelines. Building a relationship with a lender you trust can smooth out potential bumps along the way, especially when time is of the essence.
We recommend shopping around to compare rates, fees, and service. Many buyers worry that multiple credit checks could impact their credit score, but rest assured, credit bureaus typically treat multiple inquiries within a short span as a single hard pull. This allows you to explore your options without negative consequences.
The Pre-Approval Process
The good news is that obtaining pre-approval is generally quick. Once you provide the necessary financial documentation, most lenders can deliver a pre-approval letter within a day or two. This document is an essential tool when negotiating offers—proof that you are ready and able to proceed with the purchase.
From the time you go under contract, expect the mortgage process to take approximately 30 to 45 days. During this period, your Realtor, lender, and other professionals work together seamlessly to ensure your transaction moves toward a successful closing.
Your Path to Homeownership Starts Here
Buying a home is a significant step, and preparation is key. By securing pre-approval early, you position yourself as a prepared and compelling buyer—someone who is ready to move quickly and confidently when the right home becomes available.
At Realty Executives, we’re here to help you every step of the way. If you’re ready to begin your homebuying journey or have questions about the pre-approval process, give Scott and Caroline Doan a call at (951) 541-3498. Let’s work together to turn your homeownership dreams into reality.
