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3 Benefits of getting pre-approved
3 Benefits of getting pre-approved
If you're thinking about buying a home, one of the first things to do is get pre-approved for a mortgage.
Consulting with a lender and obtaining a pre-approval letter provides you with the opportunity to discuss loan options and budgeting with the lender; isn't an absolute guarantee you will get a loan But it does mean that you'll likely get one at the agreed-upon terms.
This step can serve to clarify your total house-hunting budget and the monthly mortgage payment that you can afford, if you go through the process, you'll reap these three benefits:
1. Learn the home loan amount you may be able to afford.
2. Provide confidence and demonstrate your creditworthiness to the seller for the purchase amount.
3. Reduce timelines and improve our ability to close your loan fast.
How long is the pre-approval valid for?
The valid period varies with the lender, but typically anywhere from a month to 90 days—and, in some cases, six months. It’s good practice to keep track of the expiration date so when you find a dream home you are within the valid period.
If you want to know more about the pre-approval, you know you can call me, I will make it simple and safe!
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