Why getting a mortgage before you go house hunting is the right thing to do in today’s market. I know that on a rainy afternoon it is exciting to get onto your computer and start to look at homes in areas you would like to live. You set a price point in your mind. You know how many bedrooms and bathrooms you want, and oh yes, that designer kitchen, and a pool, yes you want a pool.
You call a real estate agent and you start to tell them all about the houses you want to see and the agent utters these six words – are you pre-approved by your lender?
Sellers are savvy and many of them are requesting a pre-approval to let a buyer in the door. What this means is you have to do the work upfront to know that you can actually qualify for the home you want to buy.
Being pre-approved gives you a leg up on your offer being accepted. The savvy seller knows you are a serious buyer committed to the process.
It takes time to get a home loan so having it ahead of time is a way to make this a more efficient and smooth experience.
I get it that applying and getting a mortgage is not the most fun and exciting part of purchasing a home and how many homes do you want to see slip away from you if you have not taken the steps to show you are ready to make that move?
On that rainy day when you first got all excited about buying a home you probably did not have a clue what your credit score is or what you could actually afford.
Calling me can save you disappointment because our underwriters go a step further in the pre-approval process than many other lenders do. We have a process called “TBD underwriting” (TBD means the property is to be determined) where we will go ahead and underwrite a borrower which carries more weight when it accompanies a contract offer than a pre-approval would. While I have issues thousands of preapprovals over the years and have a handle on what underwriting guidelines, having a letter signed by the person who makes the final decision is the best option by far.
Your time is precious and by getting all your ducks in a row ahead of time your home purchase journey will be much easier, you will actually feel the relief of knowing that your price point may even be better than the one you had on that rainy day.
Give me a call at 813-361-6350, let’s talk. I want to help that rainy-day dream become a sunny day reality.
I will leave you with these words from Teddy Roosevelt “Believe you can and you’re halfway there.”