As a buyer's agent I enjoying helping people locate their next home. But before we even go looking at neighborhoods, I always ask, "Do you have a preapproval?"
Reasons For Preapproval
A preapproval is a letter from your loan officer stating that your credit has been checked, along with your income, to verify what price of a home you can afford. Unless there's a preapproval showing a person qualifies for that $450,000 home, there's no point in looking at it. Why would you want to look at something that you can't realistically afford? It sets up unfair expectations, and furthermore, wastes everyone's time. The real estate market can move quickly, so don't waste time on homes you won't qualify for.
Secondly, every seller wants to sell their home to a qualified buyer. So when you find your home that you want to make an offer on, how do you prove to the seller that you can afford it? There has to be proof that you are a vetted and qualified buyer. Without a preapproval letter, there is nothing to show the seller and their real estate agent that your offer should even be entertained. Any offer without a preapproval letter will not be accepted.
I've had the privilege of working with some great loan officers and will be happy to provide buyers referrals. I want to make sure that you, the buyer, work with a lender who knows the different loan options that you qualify for. If you're a veteran you want to work with a lender who knows VA loans. If you're needing down payment assistance, I know lenders who have programs that you could possibly qualify for. But you won't know until you ask! Call or email me today and let me help you get started!