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The Importance of Getting Pre-Approved

A PIVOTAL FIRST STEP

Getting pre-approved for a mortgage is a pivotal first step when you decide to buy a home. This process can provide numerous benefits and help you confidently navigate the real estate market. Here’s why pre-approval is so necessary:

WHAT IS MORTGAGE PRE-APPROVAL?

Mortgage pre-approval is a preliminary evaluation by a lender to determine the amount of money you are qualified to borrow. This involves a thorough check of your financial status, including income, debt, and credit score.

BENEFITS OF MORTGAGE PRE-APPROVAL

1. Enhances Your Negotiating Position

Having pre-approval gives you leverage in negotiations with sellers. It indicates that your financing is secure, which can be a deciding factor in close bidding situations.

2. Clarifies Your Budget

Knowing your pre-approved amount helps you set a realistic budget for your home search. This ensures you focus only on properties within your financial reach, saving time and effort.

3. Speeds Up the Closing Process

Pre-approval can expedite the closing process once you find your home. Since much of the financial vetting is completed upfront, the final approval and closing stages can proceed more quickly.

Key Components for a Pre-Approval

Gather Financial Documents

Gather Financial Documents

Gather Financial Documents

Prepare necessary documents such as pay stubs, tax returns, and bank statements. These will provide the lender with the information needed to assess your financial health.

Choose a Lender

Gather Financial Documents

Gather Financial Documents

Research and select a reputable lender to handle your pre-approval. When making your choice, consider interest rates, customer service, and reviews.

Submit Your Application

Gather Financial Documents

Submit Your Application

Complete the pre-approval application with your chosen lender. They will evaluate your financial status and provide a pre-approval letter indicating the amount you can borrow.

Securing mortgage pre-approval is a vital step in the home-buying process. It clarifies your budget, strengthens your negotiating position, and expedites the closing process. Make sure to get pre-approved before you start your home search to enjoy these benefits and more.

Learn More

Why Should A Buyer Not Go Direct?

Your Agent Represents You!

You can go direct, but remember that the agent will only have a contract representing the seller. It's crucial to have a knowledgeable person on your side. Not all agents are equal. A competent agent is definitely worth their fee—Caveat emptor—let the Buyer Beware.

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New Age Realty LLC fully supports the principles of the Fair Housing Act and the Equal Opportunity Act. 

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