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Let’s talk Pre-Approvals!

Updated: Oct 18, 2023

A business form stamped PRE-APPROVAL and PRE-APPROVAL rubber stamp

Why are they so important? How do you get one? How are they determined?

When you are considering purchasing a home, a pre approval should be one of your first steps! But why? A pre approval gives the buyer an idea of what they can afford and what their budget is and how much you will need to save for a down payment. It also lets sellers know that you are a serious buyer and have taken the necessary steps to get your finances in order.

Sellers will take your offer more seriously because they know you have already started the process and financing is more likely to be a non issue. Pre approvals are typically issued by a mortgage lender. Please be mindful when choosing a lender. They are NOT all created equal. The internet makes it seem very easy to get everything you need in minutes, but it is not always that simple.

My professional opinion is to do your research, read online reviews, ask your friends/family who have recently purchased a home or talk to your real estate agent. Once you have found a lender that you trust, make sure you have all of your documents ready. Documents vary from lender to lender, but be prepared to have income statements, identification, current debts, etc.

Pre approvals are determined by several different factors. Credit score being one of the most important. Credit scores range from 300-850. This score helps lenders determine your creditworthiness. Do you need a perfect credit score to qualify for a mortgage? Not at all! There are several options for buyers with low credit scores. However, some will require a larger down payment.

In short, find a lender that you feel comfortable with and figure out a game plan that will lead you to homeownership. It seems like a daunting task, but it really is as simple as having a transparent conversation.

A good real estate agent can guide you in the process and put you in touch with someone who is best suited for your situation. Let me know if I can help!


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