Real Estate Tips
The Importance of Getting Pre-Approved For a Loan:
Getting pre-approved for a home loan involves just a few simple steps. Your real estate agent can help you with this and point you to a trusted lender.
All you need to do is fill out a loan application and turn it in. The lender will check your application information, your credit report, and your credit score. Based on that information they will attempt to qualify you for a loan and will issue a letter stating how much your loan was approved for. This process usually takes just a few days.
So why should you get pre-approved for a loan before you start the house hunting process? Doing so means you will be able to narrow your search to look at homes in your price range. It’s the best way to avoid the anxiety and stress of finding the perfect home, but not knowing if you would qualify for the loan to buy it. In the current North Texas market, most sellers won’t take a buyers offer seriously unless they are pre-approved for a loan. That could mean that you lose out on your dream home.
We have also seen clients wait until an offer has been made, only to find that an error had been reported on their credit. This can take 45 to 90 to have removed by the agencies. Knowing this when you begin the home buying process will allow you the proper amount of time to resolve any unforeseen issues.
Contact one of our agents today, and get the process started!