Why Get Pre-Approved?
If you haven’t already done so, you need to get pre-approved for a mortgage. This topic is a good example of why it’s important for us to be working as “partners” on the same page…
Many buyers feel like agents are being pushy when they suggest getting pre-approved.
They take offense. They resist. They make excuses. Or, they say, there won't be a problem. They look at it as the agent being nosy, looking to see how much the buyer can afford, or looking to make sure the buyer can afford a home.
Well, it’s exactly that! And there’s nothing wrong about an agent asking them to do it either. There is nothing worse than spending hours looking at homes with a potential buyer, a buyer finding a dream home only to discover that the buyer cannot get a loan for that dream home. The buyer feels embarrassed and the agent has wasted time.
Beyond just knowing that you can get a mortgage, and for how much, getting pre-approved will do a couple of other things for you.
You’ll need it when you want to submit an offer on a home. And in those moments, time can be of the essence. If you need to rush to get pre-approved, you may lose the home if you can’t get it in time.
Starting to talk with lenders now will give you time to choose which lender you want to work with, shop rates and products, and get the best overall loan for your situation. (NOTE: Once you’re under contract, you won’t have much time to shop around for rates and your preferred lender.)