Realtors and sellers don’t want to waste their time with unqualified offers. Prior to 2008 and the burst of the housing bubble, obtaining financing was a non-issue due to overly-relaxed credit and underwriting standards however, in today’s lending environment, only qualified borrowers who can document their ability to repay a mortgage can get a loan. Why do realtors and sellers require pre-approval? The best mortgage companies don’t charge for pre-approval and there shouldn’t be any up-front costs until you’re ready to move forward with a specific property. In fact, there’s no downside to getting pre-approved right from the beginning of your search. Getting pre-approved is a necessity in today’s housing market and will put you in the best position to your offer accepted. Whether you’re just starting to look at homes, you’ve got the choices narrowed down, or you’re ready to make an offer, you’ll need pre-approval otherwise you might jeopardize getting the home you want. You need to get pre-approved no matter where you are in the buying process. There are a million little things that go into the entire process, and you already know it.ĭon’t get overwhelmed by all considerations such as choosing your new home and moving your possessions let’s focus on how we’re going to handle each of the two mortgages first! We’ll help you identify where you stand and what you’ll do during the process to make the financial aspect easier than ever. You’re interested in buying a new house and selling your old one.
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