Most people want to own a home in their lifetime. If you have no desire to ever own a home, then save three minutes by not reading this post. Whether you are married or single, owning a home is either something you think will be easy or a challenge to do. You may or may not be worried about your credit, past delinquencies or current job situation. You may think that renting right now is the best choice. There is no right or wrong answer. For some people, renting makes the most sense. However, if you are considering purchasing a home in the future, more importantly near future, getting pre-approved is the first thing you should do. Why? Well here are five reasons why.
1. Your Realtor would like it.
Although a pre-approval is never a guarantee (you could have a financial swing, have something come up, etc.), your realtor would probably prefer to not waste their time showing you homes you may not have money to purchase. Getting pre-approved helps you get an idea of what you can afford and what your payments may be. It also helps your realtor by letting them know what houses to show you by what range of prices you should be seeing. No one wants to check out a home they love, to find out it is $100,000 more than they can afford.
2. It speeds up the process.
When you get pre-approved, you have already sent in all of the initial documents. Your paystubs, W2s, driver’s license, the list goes on and on. With houses going so fast, being pre-approved before checking out homes, makes it easier for your realtor to put in an offer for you. You don’t want to fall in love with a house and then have to take the time to get all of your paperwork in. Being preapproved, lets you be comfortable with putting in an offer and once accepted, your process is much easier!
3. You may have some work to do.
People seem to be worried about their credit score. I don’t care what your credit score is. I want to work with you and get it up. Trust me when I say, I have seen worse. I am happy to see a 580. Loan officers don’t judge you on your credit score. In fact, we enjoy helping you. The best route to go is to pull your credit and see where you are at. If you do have some work to do, finding out now is better than finding out a month before you want to get a house. Start today, to prepare for tomorrow!
4. You may be surprised.
You may have no intentions on purchasing a home in a specific range you have set in your mind. However, after being approved, you may find that going up a little bit doesn’t make that big of a difference. We are here to help you figure out the price range you should be looking in based upon your desired monthly payment. We are here to help you stay in the monthly budget you desire!
5. Interest Rates.
Even as a loan officer, we have no idea when rates are going to go up or down. We do know, right now they are lower! We can get you locked BEFORE they go up. We can lock you as soon as we have a signed purchase contract. With a lower interest rate, we are sure to save you money over the life of the loan.
Let us help you with your biggest purchase and dream of owning a home! We can tell you what you are looking at for a monthly payment and more importantly, we can help you work towards getting approved for your future dream home!
Want to see if you’re preapproved today? Click HERE!
Laura Mendele
Envoy Mortgage
Mortgage Loan Originator
NMLS# 1451908
Envoy Mortgage Corporate License #6666
O: (763) 350-6507
7760 France Avenue South
Suite 1100, Office 1149A, 1150A, 1158
Edina, MN 55435