You have decided to buy a home in Parkland, Coral Springs, Boca or in the areas nearby - congratulations! This time can be exciting and stressful at the same time. You are doing your research and see that unless you are paying all in cash, you need to get pre-approved for a mortgage — here are three (3) reasons why...
1. KNOW YOUR PRICE RANGE
Getting pre-approved for a mortgage is actually the first step in the process — yes, please do this before you start looking at homes.
It will give you the estimated budget of what can work with so you will not waste precious time and effort looking at properties above your limit.
It will be disappointing if set your heart on a house that is above your price range — and besides, there are additional expenses in buying a home. You will need to prepare for these extra costs so you will not be surprised when you receive the estimate at closing.
2. COMPETITIVE ADVANTAGE
When there are other offers competing for the same house, you have to show the seller that you are a SERIOUS buyer who is ready now. A pre-approval letter submitted with your offer is proof that your lender has assessed your financial situation and is backing you up.
This will put you at an advantage over other offers that do not have a pre-approval letter, and be in a better position at the negotiating table.
3. SPEED UP THE PROCESS
Once your offer has been accepted by the seller, your lender will proceed to finalize your loan. By going through the pre-approval process prior, you have saved yourself and the seller weeks of waiting time from then until closing.
Do you need an experienced real estate agent to help you buy a home? CALL US ☎ 561.245.1710 My name is Pierre and we can guide you every step of the way.
Pierre J. Denis, REALTOR® has over 20 years of experience in the real estate industry. Client Success Stories
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