If you’ve recently started your new home search, you may have been asked several times already if you’ve been pre-approved.  It’s something that I usually ask all my clients, typically before we even start looking at homes.  I’m not asking because I’m rude or nosy, I’m asking because it’s important for my clients that they are pre-approved for a mortgage before they start viewing homes.  Let me tell you why.

When you fall in love with a house and want to submit an offer, you’re going to want a pre-approval included with that.  In the market we are in now, it’s not unusual for a seller to receive several offers at one time.  That seller is going to want to see your pre-approval letter to make sure you’re serious and can afford their home.

You’re also going to want to be realistic about what you can afford, and this can go both ways.  If you don’t know what you can afford, you may be searching too high out of your price range, or looking below what you would have qualified for.  Your lender will also help you understand what your price range is in terms of a mortgage amount, so that you have an idea what type of monthly mortgage you’ll be paying.

Generally speaking, it’s just much less stressful overall to have your pre-approval in place before beginning the home buying process.  Better to have it in hand so that once you do find your perfect home, you’re not scrambling to find a lender for a pre-approval.  Not to mention spending time looking at homes that aren’t going to be a financial fit for you.  Plus, there’s really no reason not to do it.

I’m more than happy to send you a couple of lenders to speak with if you haven’t already started the process.  Let me know how I can help!

-Daniel Hubert