A Pre-Approval Gives You So Many Benefits, and Without Having to Make A Commitment
Whether you’re a first-time homebuyer or searching for a larger home, getting pre-approved can
be a huge help – and not just by locking in an interest rate. Helping you budget correctly, giving
you a more concrete plan for the future, and giving you access to restricted property showings
are all benefits – and we’ll tell you how it works.
A pre-approval is a fantastic financial-planning tool for any homebuyer by the very nature of
what it is. It lets you know exactly what kind of financing you’ll qualify for, meaning you can more
accurately budget for a new home. Whether that’s increasing your down payment to keep
monthly costs lower, or lowering the upper-end of your price range to stay within your means.
With a pre-approval you’ll know exactly what size of a mortgage you can qualify for, putting you
in a position to make more informed financial decisions.
If you know what level of financing you can qualify for, you’ll also know roughly what your
monthly mortgage payment will be. Combining that with any pre-existing budgets you’ve made
will allow you to accurately estimate your monthly expenses in your new home, allowing you to
adjust your spending habits as needed. And the best part is that you’ll already have your
finances sorted out when you move in, making the process far less stressful than it can be.
It’s no secret that realtors prefer showing homes to potential buyers that are already
pre-approved. After all, it shows to them that the buyer is truly serious, and prevents the
dreaded situation where an accepted offer falls through due to the buyer not being able to get a
mortgage. Being in a situation where you can’t get access to view what could be your dream
home is far from ideal – to say the least – and getting a pre-approval prevents this from
A pre-approval can only help you as a borrower. Whether it’s giving you the ability to fine-tune
your budgeting and home shopping, or even just getting an estimate on what kind of financing
you can qualify for. Best of all, it only takes minutes – so reach out to us here and let’s find out
how we can help!