Today’s homebuying market is one of the hottest we’ve seen, with multiple offers on the table within a day of listing that makes it increasingly difficult to get your offer accepted. One must-have strategy is having a solid pre-approval in your pocket before you shop.
Getting a pre-approval is essential for your homebuying process, and it’s important to understand how it can make you stand out in a seller’s market.
WHAT IS A PRE-APPROVAL?
To get a mortgage loan, you need to be pre-approved by a lender, which will require your lender to collect certain documentation, such as bank statements and W2s, to verify your income and determine that you are able to repay the loan. A pre-approval can provide the sellers with more confidence on your ability to be approved for the amount in your offer, making them more likely to accept your offer over someone else without a pre-approval in hand.
WHY IS IT IMPORTANT?
Getting a pre-approval from a trusted lender like DG Pinnacle is a powerful tool for homebuyers and is recommended before you even begin home shopping, allowing you to:
Know your Budget
Gain Peace of Mind
Get Ahead of your Competition
Increase Buying Power
Expedite your Closing
With a pre-approval, your real estate professional will know you’re a serious buyer and understand your budget, helping narrow your home search to homes that are the right match for you. It can save you from the heartache of falling in love with a home you can’t afford, while letting your buying agent know that you’re ready and able to make an offer on a home anytime, anywhere.
For the sellers, a pre-approval makes you an attractive buyer as it shows that you are financially capable of purchasing their home, and giving them the peace-of-mind that your offer will stand.
Lastly, it expedites the closing process which means smoother, stress-free closings – getting you into your new home that much sooner.
Ultimately, getting pre-approved is a smart move if you’re looking to buy a home anytime soon.
To get your free pre-approval, reach out to one of our DG Pinnacle Loan Experts.