Preparing to buy a home is a fun, but nerve-racking adventure. With so many processes involved in becoming a homeowner, it is easy to feel overwhelmed. Nevertheless, you can take a step closer to your dream of owning a home by getting pre-approved for a mortgage loan. Continue reading to discover some of the reasons why you should obtain mortgage pre approval when buying a home in Edina.
Defines Your Search
Whereas you can approximate how much house you can afford using online calculators, only a mortgage pre-approval will give you the most accurate figure. With this information, you can determine your price range and what properties you can truly afford.
It is always disappointing to learn that a lender is not ready to loan you the amount you had wished for. Nonetheless, it also allows you to assess your financial situation and increase your down payment savings before moving forward with the house-buying process.
You Will Position Yourself as a Serious Buyer
These days, homes can sell quickly off the market. To give you an edge, potential home buyers must be prepared to make an offer as soon as they have discovered a home they adore.
Having a pre-approval at hand is part of making a solid offer. The fact that you have spent time having your finances reviewed by a lender informs the seller that you are a serious buyer. In competitive markets, where listings receive multiple offers, sellers will most likely not even consider an offer without mortgage pre-approval, unless it is all cash.
Helps You Resolve Your Financial Issues
Pre-approvals make a rigorous credit check. Unlike many free online tools, this hard inquiry will determine your credit score accurately. If your credit qualifies, you are an approved home buyer who can make a serious offer on a home you want.
If your credit does not qualify, you will understand why and how to improve it. By obtaining approval early, you will have ample time to take the required actions to improve your score, and fix other financial issues before submitting your offer.
It Speeds Up the Closing Process
Obtaining a pre-approval does not occur overnight. As your lender must verify your financial information, this procedure might take anywhere from a day to several weeks, depending on your financial situation. For this reason, it is important to take care of it ahead of time so that you are fully prepared when the time comes to act.
Not only will your mortgage pre-approval help you save valuable time, but Edina MN real estate experts Cari Ann Carter Group believe it improves the chances of closing the deal fast and smoothly.
It Gives You Confidence
House hunting may be stressful, particularly if you do not know if you will qualify for a loan. However, with pre-approval, you can be more confident. It is like getting a permission slip approving the purchase of a home. You will know the lender trusts in you, which relieves the stress of failing to secure a loan.
Find Homes for Sale in Edina MN
The secret to a smooth and fulfilling home-buying process is good preparation. So, secure that mortgage pre-approval before you begin house hunting in Edina. The real estate experts at Cari Ann Carter Group will guide you on everything you need to know, from completing paperwork and negotiations to home closing, and more. Contact them today to get started!
