What with the new increases in mortgage rates, buyers need to carefully prepare for a mortgage application. The very first step after deciding you want to buy a home should be a mortgage pre-approval.
No matter how much you think you can afford, you need to seek out professional services to analyze your financial position in order to get confirmation from a financial institution on the exact amount that you can get approved for a mortgage.
Mortgage pre-approvals will help you focus
With your mortgage pre-approval in hand, you now know what you can afford so you don’t waste any time (yours or the seller’s time) looking at houses outside of your price range.
You are not locked into a mortgage if you can’t find anything suitable but you are locked into the rate mentioned in the pre-approval letter.
By being locked into a rate, you are protected if interest rates rise during the process of looking for your next home and you are free to seek a new pre-approval if rates drop.
Mortgage pre-approvals give you bargaining power
When you do find the home that you are looking for, you may have increased bargaining power during negotiation or at the very least instill confidence in the seller that you have been pre-approved for the price of the property and any conditions in the offer placed on financing should be waived with ease.
You will also be able to act swiftly without hesitation or doubt upon finding the home that suits you, preventing other buyers from scooping it up while you are trying to make an appointment with your mortgage broker to figure out if you can afford it.
It is important to know your limits and buying a home is no exception. Looking for homes with out a mortgage pre-approval can be frustrating, time consuming and might not produce any results.
Mortgage pre-approvals make things easier
A mortgage pre-approval will make the house hunting experience much more focused and pleasurable.
If you have already been pre-approved for your mortgage and are ready to begin house hunting, visit ComFree.com today.