Homebuyers - The Importance of Getting Preaproved

Buying a home is a very exciting time and likely to be the largest investment you’ll ever make. The first step as a potential home buyer is to find out what you can afford. 

When you meet with a lender to pre-qualify, make sure you fully understand the type of loan(s) available to you.  Your lender should be able to guide you through what the loan process is and the kind of down payment you will likely need.  Once you have this information available, you will be ahead of those who choose to look at homes first and then try to qualify.  

Being pre-qualified before you look at homes for sale will help you in two ways.  One being you will know how much home you can buy and second, you will be ready to make an offer quickly.  This moves the process along and saves on the frustration of finding the home you want and then finding out you don’t qualify for it.  It also helps to have this information when you make an offer so the seller can see that the offer is not a waste of their time. 

Put yourself in the home seller’s shoes for a moment. They may be looking at more than one offer on their home.  A fair offer presented by you and your Realtor® with a pre-qualification letter can carry more weight than an offer without this knowledge.

If you have more questions about buying a home, we are always happy to help.  The information above is simply one part of the process, but it is a very important part.  Feel free to give us a call and talk to an experienced Realtor ® today at  505-821-0807.

Be well. 

Catherine Martin-McKenzie
Land of Enchantment, Inc.