Why Getting Pre-Approved Matters

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If you’re thinking about buying a home, pre-approval is a crucial part of the process you definitely don’t want to skip. So, before you start picturing yourself in your new living room or dining on your future all-season patio, be sure you’re working with a trusted and local lender to prioritize this essential step. Here’s why.

Wh is moderating and  have been coming down in recent weeks, affordability is still tight.  At the same time, sale right now, and that means ongoing competition among hopeful buyers. But, if you’re strategic, there are ways to navigate these waters – and pre-approval is the game changer.

What Pre-Approval Does for You

To understand why it’s such an important step, you need to know more about pre-approval. As part of the homebuying process, a lender looks at your finances to determine what they’re willing to loan you. From there, your lender will give you a pre-approval letter to help you understand how much money you can borrow.

Getting pre-approved starts to put you in the mindset of seeing the bigger financial picture, one step at a time. And the key is actually more than just getting a pre-approval letter from your lender. The combination of pre-approval and strategic budgeting is your golden ticket to understanding what you can actually afford. It saves you from painful heartaches down the road so you don’t fall in love with a house that might be out of reach.

Pre-Approval Helps Show Sellers You’re a Serious Buyer

But that's just the beginning. Let’s face it, there are more people looking to buy than there are homes available for sale, and that creates competition among homebuyers. That means you could see yourself in a multiple-offer scenario when you get ready to make your move. But getting pre-approved a mortgage can help ystand out from other buyers.

In today's fast-moving housing market, having that pre-approval in your back pocket can be your secret weapon. When sellers see you're pre-approved, with a local lender with a strong reputation it tells them you're a strategic and serious buyer. In a world of multiple offers, that's a big deal.

Bottom Line

So, before you start mentally arranging furniture in your dream home, work with a trusted lender to get your pre-approval set. It’ll save you time, stress, and we can't submit an offer without one so the reality is, if you want to make an offer, it's impossible to skip this step.

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As always from all of us at Matt Engen Group, thanks for reading!

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If you have questions about buying or selling be sure to connect with us here.

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