by Rick Delgado
on Monday, February 17th, 2020 at 5:45pm.
If you are looking to buy a home you may have heard of getting pre-approved for a mortgage. There are actually really good reasons as to why you should get approved for one if you have been considering it. Here is a list of the benefits of getting pre-approved for a mortgage:
1.) Know What You Are Qualified To Buy
Getting approved for a mortgage is a great first step to take if you are considering buying a home in the future. This is an official statement from your lender stating what they are willing to lend you or what you are qualified to spend. You also get to know your pre-approved interest rate. Knowing this information may affect whether you are truly ready to buy a home and will provide structure on what homes to look for in your price range.
2.) It Makes You An Attractive Buyer
Buying a home can be an extremely competitive process. When inventory is low and demand is high you can have a major advantage by getting pre-approved for the mortgage. If the decision for the seller is to sell the home to someone who is pre-approved versus someone who is not, more than likely chances are going to be in your favor!
3.) Close Faster!
There can be major delays when it comes to closing in on a home. If you are not pre-approved, one of the delays can be getting pre-approved. If you are already approved, you can speed up the process and get into your new purchase faster than if you weren't. Once your finances are set you can move over to the next steps like inspection a lot faster.