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Be honest. Have you started looking at homes online yet? If you have, it’s already time to get pre-approved. If buying a home is on your radar, you don’t want to wait until later in the process. Pre-approval isn’t about commitment. It’s about clarity.
Know Your Numbers Up Front
During the pre-approval process, a lender will walk through your finances and advise on what you can borrow based on income, debts, credit score, and more. Once you have that number, your search becomes a lot more focused. With a pre-approval, it’s easier to know your ideal price point. If you just start browsing online and guess at your price point, you run the risk of falling for a house that’s outside of your price range – or missing ones that aren’t.
You want this number to be clearly defined before your search.
You Can Move Quickly When You Find the One
This is how a lot of home searches go today. You scroll through listings just to see what’s out there, and then it happens. You fall in love with something you’ve seen online. If you’re already pre-approved? You’re probably in great shape.
But if you’re not…
Instead of being able to quickly make an offer, you have to scramble to get a lender, gather the financial documents, and then submit the necessary paperwork. And while you’re waiting to hear back from your lender, someone else could beat you to the house. And that’s avoidable, with the right prep.
It’s not about rushing your timeline. It’s about removing the delay between finding the right home and being able to move on it.
Speaking of timing, pre-approvals do have an expiration date. So, be sure to ask your lender how long it’s good for. The Mortgage Reports explains: “Mortgage preapproval letters are typically valid for anywhere from 30 to 90 days. However, a preapproval can be updated and extended if the lender re-checks your information.”
