Why Pre-approval is Important?
It is crucial to know what you can afford. You might be wasting your time by looking for house below the price you could have qualified for or you may be looking for a house that is higher in price than your budget.
When your realtor knows what you want and what you can afford, he or she can do a better job of finding your dream home. Also, with a pre-approval it is easier and faster for realtor to suggest right neighborhood, size and condition of homes that would match your needs.
When you find the perfect home and you are pre-approved, things go much faster. You can put an offer on it right away and you and your realtor know how much room you have to bargain. On the other hand, if you have no pre-approval, you are taking a risk as sellers are less willing to accept offers from a buyer without pre-approval.
Without pre-approval you will spend more time looking for homes and you may feel like you are not getting the proper service from your realtor. All of these will add stress and make you unhappy. At the same time, when you have pre-approval it makes you worry less and adds confidence to the process of finding the right home just for you. Pre-approval makes you a qualified buyer and simplifies the process of buying the property.
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