Should you get Pre Approved before you begin house hunting?
Absolutely! Even if you haven't so much as picked out houses to visit yet, it's important to see us first. Why? What can we do for you if you haven't negotiated a price, and don't know yet how much you want to borrow?
When we pre-approve you, we advise you how much of a home loan you can be approved for. But more important, we advise you of how to structure the loan,and what type of finanicng strategy is be the most beneficial for you. Our confidential consultation will help us determine which loan best fits your short and long term finanical and investment goals. We will design a loan that will among other things, help you minimize interest expense, maximize tax deductibility and improve you cash flow. It's a detailed process that will ensure you obtain the right home loan for you, and we keep the paperwork to a minimum!
Most Realtors will require you provide a pre-approval letter so they can submit your offer with the pre-approval letter. Doing so, will make your offer more attractive to the seller and give your Realtor more negociating power on your behalf. Once you're pre-approved, we will provide your Realtor and you with a Pre-Approval Letter , which says that we are working with you to have a mortgage loan already in place; all you need to do in find a home.
When you find a house that catches your eye with your Realtor, and you decide to make an offer, being pre-approved for a mortgage will do a couple of things. First, it lets you know how much you can offer. Your Realtor will help you decide on an appropriate offer, but being pre-approved gives you, your Realtor and the seller the confidence to know you can follow through. To a home seller, your being pre-approved is like you walked into their house with a suitcase full of cash to make the deal! They won't have to wonder if they're wasting their time because you'll never qualify for a mortgage to finance the amount you're offering for the home. You have the clout of a buyer ready to make the deal right now! According to the National Association of Realtors (NAR), pre-approved buyers are successful in negotiating a final sales price on average of 3-5% lower than non pre-approved buyers.
You can always use the calculators available on our site to get an idea of how much mortgage you can afford -- but it's important to meet with us for your pre approval consultation first.