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Pre-Approval And Why It’s Important

December 28th, 2016

Pre-Approval And Why It’s Important

Pre-approval for a home purchase has never been more important.

Imagine this scenario: You’ve spent months searching for your dream home and you’ve finally found it. You immediately head to the bank and apply for a loan. The papers are signed, the numbers are crunched, and your letter is ready. The amount of money you’ve been approved for is below the cost of your dream home. Heartbreak ensues.

The only way to avoid this dreaded scenario is to get pre-approved for financing before you begin your home search.

Pre-approval letters guarantee buyers a home loan at a specific threshold. And pre-approval letters are free to homebuyers. The bank or lending institution verifies your employment status, checks your credit history, assets and potential liabilities to determine the amount of credit you qualify for.

Securing financing cannot be underestimated. Pre-approval is your guide to knowledge of your financial situation. In turn, this determines the amount of home you can afford. Secondly, being recognized as a qualified buyer allows you to better negotiate the price of a home.

Speak with a member of Gore Group Realty to learn about Henderson homes for sale and much more!

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