Are you ready to go house hunting? If so, that’s great! We recommend tapping the brakes just one second, though. Because if you haven’t done it already, you’ll need want to secure a mortgage pre-approval first. Up next are three important reasons to get pre-approved before you ever look for the first house.
1) A pre-approval tells you how much home you can afford
Unless you’re into shopping for houses with a blindfold on, figuratively-speaking, you shouldn’t even consider shopping without a pre-approval. After all, it’s only after becoming pre-approved by a mortgage lender that you’ll know how much home you can realistically afford. If you don’t want to waste time on houses out of your price range, a pre-approval is the way to go. Knowing your price early in the game is arguably the most important reason to get pre-approved.
2) A pre-approval makes your offer far more competitive
In this season when the market for homes remains red hot, bidding wars are common among prospective buyers. Want to set yourself apart and give yourself a leg up? Get pre-approved. A pre-approval from a reputable mortgage lender shows the seller you’re serious about purchasing their home. It also gives the seller confidence that you’ll ultimately be able to go through with the purchase. Shopping for houses without a pre-approval – at least these days – is a big mistake. Absent a pre-approval, your offer is all but destined for failure.
3) A pre-approval gives you peace of mind
A mortgage pre-approval is just that: a pre-approval. In other words, it doesn’t guarantee you’ll ultimately receive final approval for the home loan you need. It is, however, the next best thing. In fact, if you want peace of mind early in the homebuying process, a pre-approval is where you’ll find it. This is especially true at Fairway of the Carolinas, where we offer what’s known as the Fairway Advantage Pre-Approval. While your loan is never 100% guaranteed until it survives mortgage underwriting, the Fairway Advantage Pre-Approval is as close to a guarantee as you can find anywhere. Ditto for Fairway’s Certified Pre-Approval, which our branch also makes available to homebuyers.
Still need a reason to get pre-approved? Knowing we have two types of pre-approvals that but assure final approval of your home loan should inspire you to become pre-approved through Fairway of the Carolinas today. Give us a call, and we’ll put you on a path toward homeownership that you’ll never regret.