The Power of Getting Pre-Approved

Dated: April 25 2023

Views: 1150

The power of pre-approval

If you're planning on buying a home this Spring, this current housing market can feel like a real challenge to you. There are very few homes on the market, and with the rise of mortgage rates, it is essential that you have a firm grasp on your homebuying budget. One thing you can do to set yourself apart from the other offers put on homes, is to get pre-approved! 

To understand why getting pre-approved is such a huge and important step, you first have to understand what pre-approval is. Part of the process of home buying, a lender will look at all of your finances to determine what amount they'd be willing to loan to you. From there, your lender will give you a pre-approval letter to help you understand how much you can borrow towards your home purchase. A pre-approval is an INDICATION from your lender of how much they are willing to lend you to buy your home, keep in mind that the loan amount in the pre-approval will be the maximum amount that the lender will offer you. Ultimately, you should only borrow the amount that you are comfortable repaying. 

Pre-approval helps to show that you are a serious buyer

That is not the only thing that a pre-approval can do for you. Another benefit of getting pre-approved in that it can help a seller feel more confident in your offer because it shows that you are more serious about buying their home. With sellers seeing an increase in offers on their sales this Spring, making a strong offer when you find your perfect home is key to your success.

If you plan to use a mortgage loan this year for your home purchase, pre-approval should be one of the first steps in your search process. It can not only help you zero in on the right price range, that you can afford, and feel comfortable enough to repay, but it can give you a leg up on the competiton in the buying market. 

Bottom Line

Getting pre-approved is a seriously important step when you decide that is it time for you to buy a home. It let's you know where your price range is, and shows sellers that you are serious about any offer that you put in. 

Give us a call today to set you up with a lender that can get you started on this important step, so that we can find you the perfect home for you and your family! 

Magee Group, LLC 804-464-8557
KW Metro Center
15871 City View Dr, Suite 120
Midlothian, VA 23113
Licensed in the Commonwealth of Virginia
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Susan Magee

As a mother, wife and businesswoman, my determined spirit has taken me through personal and professional success, and it is definitely the foundation for my achievements as a real estate expert. By ....

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