Why do I need a pre-approval for a home loan?

Dated: September 9 2020

Views: 203

Click this link to see the whole video! https://youtu.be/qJTiQExGP4k

Ever wondered why you have been asked if you are pre-approved before someone will take you to look at a house?

Here's a few reasons!

- Maybe you can afford more than you think

- We need to understand your buying power before looking at homes

- The Market is moving very quickly

- Without a Pre-Approval we cannot submit an offer

- Sellers will not even look at offers that are submitted without a pre-approval attached to the offer

Now tell me; wouldn't you be heartbroken if you found "the one" and wanted to write an offer but you didn’t have a pre-approval and the home sold to someone else?!

What are the steps we as your realtor take with our lender to get our buyers pre-approved?

- Buyer Consult in person to find out your wants, and needs, and qualifications for home purchase

- We will send you the app link so you can start filling out the Loan Applications

-  Let our preferred lender schedule a time to meet with us an explain our options

- Pre-Approval Thumbs up from our lender

- Schedule home showings - Start the actual purchase negotiations

- Get you in a new home!

What does the Lender Need from the buyer to get you a Pre-Approval?

- Trust is important when working with your realtor and lender.

-  You will need your Tax Returns and pay stubs and be able to show proof of employment

So now you know why you need a pre-approval so make sure that is the first thing you do;  after you hire your agent of course; before you begin to look at homes with your Realtor

Blog author image

Kristina Philbin

Kristina Young- Philbin is Team Leader for The Infinity Home Team at NP Dodge Real Estate. Licensed since 2009 and working full time the Real Estate industry. Born and Raised in the business specializ....

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