THE IMPORTANCE OF BEING PREAPPROVED

Hey there! I can't help but feel a little sheepish while talking financials with buyers. I mean, it's definitely a private and somewhat delicate subject. But, Preapproval is so very important while preparing to purchase a Home that it must be discussed! It seems as though folks are either proud to say they are preapproved, or really nervous because they aren't. I know it's awkward to have someone ask you about your financial situation, but trust me, being preapproved for a home loan is a huge step in the right direction.

Being preapproved ensures you are shopping within your price range, with confidence that you will be able to purchase the perfect home, in a timely manner. What I mean is, most seller agents ask for your preapproval along with your offer. If you do not have a current letter, you may be wasting prescious time on the phone with your lender, while others are submitting offers on the Home that was meant to be yours.  

What a preapproval says about you:

1. you are completely serious about buying a home
2. you are financially able to buy a home
3. you are prepared to act quickly if you find the right home

It is only a soft hit on your credit score, so don't sweat the small stuff. You are better off knowing what you can spend, shopping the correct price range, and aware of what you will need as a down payment. Your lender will be able to introduce you to the right loan, that fits your needs the best. After that, I am happy to take you along searching for the Home of your dreams!

Any other questions? Reach out, I always have time to talk Real Estate!

-LP