Home Loan Pre-Approval – Why It Should Be Your First Step

Home Loan Pre-Approval – Why It Should Be Your First Step

Home Loan Pre-Approval – Why It Should Be Your First Step. In Las Vegas,  the number of buyers searching for their dream homes greatly out numbers the amount of homes for sale.

One way to show that you are serious about buying your dream home is to get pre-approved for a mortgage before starting your search. Knowing your budget will give you the confidence of knowing if your dream home is within your reach.

Getting pre-approved first will also help you identify any obstacles to approval, such as having too much debt or a low credit score. It will help you determine your house-hunting price range.

Last but not least, it will make you more competitive in the market, when compared to buyers who haven’t been pre-approved. All of these things will help your cause when it comes time to shop for a home.

One of the many advantages of working with me is that I have great relationships with lenders who will be able to help you with this process by providing housing finance solutions like the development finance institutions. Getting pre-approved is one of many steps that will show home sellers that you are serious about buying, and it often helps speed up the process once your offer has been accepted.

You can think of pre-approval as a preliminary review of your financial situation to determine (A) your buying capacity and (B) the level of risk you bring – both of which you can discover this info here. It is conducted by the lender at the time you apply for a loan that you visit, or even before you submit a formal application.

The purpose of the pre-approval process is twofold:

1. First, the lender wants to know whether or not you are qualified to borrow money from them. So they will review your credit score, your debt level, your current employment and income situation, and other aspects of your financial picture. That’s the first reason for getting pre-approved by a lender.
2. The second purpose is that it helps you understand what your price range is, in terms of the mortgage amount.

BOTTOM LINE IS THIS:

Many potential home buyers overestimate the down payment and credit scores needed to qualify for a mortgage today. If you are ready and willing to buy, you may be pleasantly surprised at your ability to do so as well.

When is the Best Time to Buy a Home? Check out this article!

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