Getting pre-approved is an important step toward homeownership.
Take the next step with confidence.
Gain confidence by educating yourself.
In many markets across the country, the number of buyers searching for their dream homes greatly outnumbers the number of homes for sale. This has led to a competitive marketplace where buyers often need to stand out. One way to show you are serious about buying your dream home is to get pre-qualified or pre-approved for a mortgage before starting your search.
Even if you are in a market that is not as competitive, knowing your budget will give you the confidence of knowing if your dream home is within your reach.
Freddie Mac lays out the advantages of pre-approval in the ‘My Home’ section of their website:
“It’s highly recommended that you work with your lender to get pre-approved before you begin house hunting. Pre-approval will tell you how much home you can afford and can help you move faster, and with greater confidence, in competitive markets.”
One of the many advantages of working with a local real estate professional is that many have relationships with lenders who will be able to help you with this process. Understand what an Agency Relationship is. Once you have selected a lender, you will need to fill out their loan application and provide them with important information regarding “your credit, debt, work history, down payment, and residential history.”
Freddie Mac’s 4 C’s
Capacity – Your current and future ability to make your payments
Capital or cash reserves – The money, savings, and investments you have that can be sold quickly for cash
Collateral – The home, or type of home, that you would like to purchase
Credit – Your history of paying bills and other debts on time
Getting pre-approved is one of the key steps that will show home sellers that you are serious about buying, and it often helps speed up the process once your offer has been accepted.
A buyer consultation is a great investment of your time and an important step toward buying a home. You’ll feel more confident understanding the home buying process and you’ll find the right match for you which will save you time and make the process less stressful. Let’s get started! Contact Maureen Moran at @properties. 312-953-7811 or fill out the form below.