The Benefits of Pre-approval
Why do you want me to get pre-approved before I find a house I want to buy? This a question asked many times by buyers. So I thought I would take a moment to answer.
When a borrower applies for a mortgage before finding a house, and receives a written commitment from a lender to finance a suitable property when found, the buyer has several advantages, including:
House Hunting made easy: Pre-approval lets the home buyers know exactly how much home he or she can afford, then home finding is focused on a precise price range.
Cash buyer status: The buyer has the increased negotiating leverage of cash buyers status, because the mortgage is already in place.
Accelerate the mortgage process: Significant time is saved because a large part of the mortgage has already been processed.
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