4 reasons to get a mortgage pre-approval
17 May 2022
1. It Lets You Know What You’re Working With. When you get a mortgage pre-approval, you’re able to set your budget limits and make sure that any home you’re looking at is a home that you can finance. Please don't fall love with a home you can’t afford!
2. It Makes You a More Attractive Buyer. Consider this: if there are two buyers making an asking price offer on a home and only one has a mortgage pre-approval, who do you think the seller is more likely to go with? In almost all cases it’s going to be the buyer with a pre-approval because there is a lot less risk of the deal falling through.
3. It Gives You More Room to Negotiate. If you want the seller to cover some repairs or adjust their terms, your mortgage pre-approval will help strengthen your position and may make it more likely that you get what you’re asking for.
4. You’ll Close Faster. This hot market means that everyone is busy, including lenders. Completing your pre-approval process means that your lender already has a strong file and all documents in hand to push the request through to the final stages
