| Getting Pre-Approved Canl Speed Up The House Buying Process |
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By Kevin Forcey When anyone goes to purchase a property, it is a very exciting time to say the least. Everyone wants to have a good house buying process, unfortunately that doesn't always happen. This is normally because there are several property buyer mistakes that are made over and over again. Sometimes, these errors are made because the real estate agent working with the buyer doesn't give them all of the proper information that they need. However, sometimes these mistakes are made by the buyer themselves yet they could be easily avoided.
One such mistake that house buyers seem to make regularly is going out house hunting without first getting preapproved for a home loan. There are two different kinds of "approval" methods. Often, you will hear real estate agents referring to someone as being prequalified. This is simply when you speak to a mortgage lender and give them some basic information. They are "qualifying" you in a very short period of time using data you provide. This is not an approval, however. You want to get a preapproval letter before looking at houses. This means that the mortgage lender has read through your credit and verified some of the information that you have given them such that they are able to provide you with a preapproval letter. The letter basically states that you are qualified for a particular mortgage loan as long as the information you provided is correct and nothing changes before closing. Having a pre-approval letter before looking at houses solves a few potential problems. The first problem is that a lot of homeowners and real estate agents will not even consider an offer from you without a preapproval letter. It makes sense when you consider it because just about anyone could walk off the street and make an offer on a home. If the buyer is really not qualified, the seller has wasted valuable time on the market by taking their home off the market for an unqualified buyer. Another problem being pre-approved solves is that buyers need to know how much home they qualify for before they start shopping for a new home. Some buyers think that they know the price range they can buy in, however they are often wrong. Nothing is more depressing than shopping for houses in the $300,000 price range only to discover that you can only buy a house for $150,000. It wastes everyone's time and get you excited for nothing. Getting preapproved upfront is a great way to avoid several mistakes in the home buying process. Getting a Lakeland Mortgage doesn't have to be difficult. You can be preapproved in as little as 48 hours. |