Why Pre-Approval Is Key For Homebuyers

Approved Mortgage loan application with rubber stamp

In a world of increased inflation, competitive bidding wars, and high prices, mortgage pre-approval is more critical than ever. To stand out in a crowd of buyers and feel confident about your budget, this simple process needs to take place before you give an offer. A pre-approved loan or mortgage form gives sellers financial security and decisive information. Offering this slip of paper puts you one step closer to buying your dream house. 

The Benefits
Mortgage pre-approval, attained when a lender reviews your finances and determines how much you can borrow, is incredibly beneficial to homebuyers. As the number of buyers to sellers is 3:1, homebuyers need a competitive edge when giving their financial offers. Therefore, any extra step you can take may be the difference between a seller choosing you over another homebuyer. 

Additionally, allowing a lender to review your finances may help you decide on a budget in the long run. Knowing what you can afford based on your finances is imperative in all aspects of life, whether for this house or the next. 

Not only will this give you clarity with your budget, but you can also feel more confident knowing you can secure a loan. Already having the possible loan amount will save you a step later in the homebuying process.

At the end of the day, if a seller chooses between homebuyers, they will choose the one with a mortgage pre-approval. Though simple, this number tells the seller you are a serious and qualified homebuyer. Don’t lose your next house because of faulty preparation; get your pre-approval letter now. 

Contact Us Today!
Starved Rock Realty prides itself on providing exemplary customer service, impeccable knowledge of our local area and the current conditions of the market. We can assist in connecting you with local lenders that understand the local market and area! And we’ll take every measure to ensure you are satisfied with all your real estate needs and will do whatever it takes to be worthy of your business. 

To learn how Starved Rock Realty can help you buy or sell a home, visit our website or call us today at 815-667-9990. Follow us on Facebook for the latest tips on navigating the world of real estate.