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Top 5 reasons to get preapproved for a loan before starting to look at homes
Posted On: Jul 13, 2017
This article was written by our agent, Mark Corner. Mark has been in real estate for 33 years and grew up ski racing at Bridger Bowl since 1972! Contact him at )406) 579-6636 or email@example.com
1. A stronger chance your offer will get accepted.
A seller is looking for the strongest offer possible for their home. A preapproval letter means that you have met with a lender, provided all of your income, expenses, assets, debts, and credit report and met the basic requirements for that loan type and amount. In today's competitive market, most sellers will not accept an offer without a preapproval letter.
2. This is a competitive market.
Most homes in this market selling under $350,000 are receiving multiple offers. When a seller is looking at 3 or 4 offers and one doesn't have a preapproval letter, it usually gets passed over. A seller doesn't have to take a chance on a buyer they know nothing about.
3. You have stronger negotiating power.
In this competitive market, you will likely be up against multiple offers and may be asked to come back with your highest and best offer with a very short response time. You need to know your borrowing limits when you have to revise your offer at the last minute. And quite often this happens after business hours or over the weekend when lenders are not available.
4. Sellers want to know what loan type you plan to use.
When sellers are considering multiple offers, some loan types have a stronger chance of approval on a home with some challenging features or certain appraisal rules. Some loan types can closes sooner than others due to final loan underwriting approval times. During the preapproval process, your lender will recommend the best loan type for you and for that particular property.
5. It helps prevent surprises in your loan approval process.
It can be so competitive to get a home under contract, you don't want to lose the deal over a credit surprise leading up to the closing process. During your preapproval process, lenders have looked at your full credit report. This helps prevent getting a home under contract and then during the loan underwriting process finding out there is a credit blemish on your record that would affect your loan approval and lose the home of your dreams.
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