With the current Pittsburgh area real estate market being what it is, it’s more important than ever to be preapproved for a loan before you begin searching for homes. If you don’t have that loan preapproved, the home of your dreams could slip through your fingers. Here are a few reasons why that preapproval is so important:
A Quicker Home Buying Process
Why waste time getting approved for a loan after the fact? If you’re preapproved for a loan before you begin your search you have more freedom to streamline your home buying process. Getting pre-approved will also give you a better idea of what you can afford. Why spend the time looking at homes that could be well below or above your budget? Having this knowledge will streamline your search process.
A Higher Acceptance Rate
If you’re approved before you search for homes, any offer you make is more likely to be approved. When you’re preapproved for a loan, a home seller is more likely to deem you as trustworthy. If the seller trusts you, then they will trust your offer. When you’re not preapproved, you’re more likely to be viewed as a gamble, someone who could cost them time, money, and resources.
If you aren’t preapproved before you begin your home search, chances are it will drag down the speed of your purchase, as you are more likely to have your offer turned down, as well as increase the stress levels of what can be an already stressful process.
Looking to Simplify Your Financing Options? We Can Help
Our mission at Century21 Frontier is to make your home buying process as simple and streamlined as possible. That’s why we’ve compiled a list of resources for getting the area’s best lender for your needs. Check it out, or contact us for more information.