Pre-Approval is a great first step in your homebuying journey. It helps show the lender, realtors and sellers good faith that you are a committed borrower. This is also a great first step to help plan your homebuying journey. Being pre-approved will help you determine the amount a lender is willing to let you borrow for your loan. When you know this information, you can better build a strategy around a budget that will help you find a home in your price range.
A pre-approval will help you make an impression when putting in competitive offers for your new home. Today’s market consists of more buyers than sellers right now. This creates more competition for borrowers. NAR stated, “Homes are receiving an average of 2.9 offers for sellers to negotiate, so bidding wars are heating up.”
Having a pre-approval in hand helps you have the upper hand over other borrowers. What does this tell the seller? This shows them that you are serious and have already taken the steps to show them you are qualified to buy a home.
The market continues to change daily with low interest rates to prices going up. Does this create more questions for you? Not to worry we are here as your real estate professional to help guide you along the process. We work hand in hand with the loan officers to navigate you through the pre-approval, so we can help you land the home of your dreams.
At the end of the day the market is very competitive, a pre-approval is one tool that will help you be ahead of other homebuyers. If you want to learn more about what is required from you for a pre-approval, visit our link at to learn more: www.sunnyhillfinancial.com/blog/why-you-should-get-preapproved.