Bank Forward Blog
Thursday February 20 2020
Ready to Buy? Get Pre-Approved!
It’s time! You’ve saved, paid down debt, and dreamed of your new home. Now you are ready to take the plunge and buy a new home. Before you start internet searching and setting appointments with your realtor, you should meet with your trusted mortgage lender to get pre-approved and here’s why:
- In the Ballpark? Getting pre-approved for a mortgage confirms what you can afford to purchase. No point in viewing homes outside your means. Time is valuable. Don’t waste it!
- Problems Be Gone Getting pre-approved can alert you to any issues that may prevent you from getting a mortgage. Determining that paying down debt to improve your debt-to-income ratio or correcting an inaccuracy on your credit report can be addressed during the pre-approval process and prevent unwanted surprise after putting an offer on a house.
- In It to Win It With a pre-approval letter in hand, you’re telling sellers a lender has reviewed your financial situation and conditionally determined the house you can afford. Sellers want to move forward with an offer that has the least chance of falling through. Pre-approval provides confidence that you are a serious buyer.
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