Why is it important for buyers to get pre-approved early in the home buying process? Maura Stevens, Realtor with the FOCUS on NoVA Real Estate team spoke with Steve Salvatore with Atlantic Coast Mortgage about the benefits of getting pre-approved.
- It helps determine your budget
When you get pre-approved you know how much house you can afford. This is important information – especially in a low inventory, highly competitive market where escalations come in to play. Knowing how high you can go on an offer is important information in structuring a winning offer. - It gives buyers a competitive advantage
Pre-approval gives home buyers a competitive advantage. It shows that they are serious buyers who have taken the necessary steps to secure financing, and they are ready for the quick pace of our real estate market. Most sellers will not consider an offer from a buyer who does not have pre-approval.
- It allows buyers to get to closing quicker
Pre-approval can get buyers to settlement faster because the lender has verified the buyer’s creditworthiness, income, assets and other financial information, there are fewer hurdles to clear during underwriting so you can get to the settlement table faster. This is especially important for a seller looking for a quick close. - It helps avoid last minute surprises
Finally, pre-approval can help home buyers avoid last-minute surprises. If there are any issues with the buyer’s credit, Employment or income, they can be addressed early on. This can prevent delays or problems with getting your loan approved and give the buyer peace of mind to submit offers with confidence.
If you have any questions about how to get pre-approved or the home buying process please reach out to the FOCUS on NoVA Real Estate team. We are happy to help.
