Why Should You Get Pre-Approved for a Mortgage?

Central Virginia Mortgage Advice

If you’re ready to start house hunting, one of the most important steps to take before beginning your search is to get pre-approved for a mortgage.

Pre-approval for a mortgage lets both real estate agents and sellers know how much you can afford and that you are serious about buying a home.

An agent’s number one priority is helping you find a house you love and afford. Real estate agents want to make sure the time they spend showing homes is used efficiently. Having a pre-approval letter will help your agent advise you in the best way possible, and ensure that the time you spend looking at homes is not wasted. If you contact a real estate agent and he or she asks you if you have received pre-approval for a mortgage, the agent is most likely competent and conscientious about doing a good job and will look out for your best interest.

A pre-approval letter can make it easier to secure the house you want. Sellers are more likely to accept an offer if you have been pre-approved for a specific amount. Being pre-approved gives you buying power by demonstrating to sellers that you are qualified and serious about purchasing a home. Waiting until the last minute to get pre-approved for your mortgage could mean that a house may be sold before you’ve even had a chance to make an offer.

Being respectful of a seller’s time and energy by obtaining pre-approval can give you an advantage over other buyers. Time-consuming tasks such as cleaning, staging and doing improvements all play a vital part in getting a house ready for sale. Sellers must leave the house and take children and pets elsewhere while the real estate agent is showing their home. Selling a home can be stressful, and if a seller makes an effort to do these things he or she may want to ensure that anyone who makes an offer is pre-approved to facilitate a quick sale.

Buying or selling a home is more than a financial transaction. A seller may be very emotionally attached to a home sand want it to go to someone who cares about it. Proper etiquette and open communication with your real estate agent and the seller can go a long way and help you get you the house of your dreams.

Our real estate agents will advise you on the best way to go about getting pre-approval for your loan and help to ensure that the process of buying a home goes smoothly. Contact Napier ERA to learn more about our real estate services and to schedule an appointment with one of our knowledgeable real estate agents.