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Oct 27

Financing Your First Home: Why You Should Get Preapproval!

 

When financing your first home, it can be challenging to figure out how much you can afford. You should always decide what you can spend before you start looking for homes. Nothing is worse than finding the perfect home, only to find out that you can’t afford it. For this reason, you should get pre-approved for a loan before you even look at a single house.

There are other reasons that it is smart to a have a pre-approval.

  • Having a pre-approval shows people that you are serious and want to find a home!
  • When you do find a home, you have already started the paperwork toward getting a loan.
  • If several contracts come in, sellers will go with people who are pre-approved because it is more likely that they will not have any trouble getting a loan.
  • Sometimes, you will learn things about yourself and your spending when you are trying to get pre-approved. You might realize that you need to get more money saved up or you might realize that you want a better house and are willing to spend a little more money than you originally thought.
  • There are some situations where it takes longer to get a loan together. You would know this before you look at homes.
  • If you are pre-approved, you will not have to stress out about the loan as much. Instead, you know that you are on your way to finding and buying your own home.

Especially as a first time homebuyer, you should get pre-approval before looking at homes. You will tell everyone that you are serious about buying a home. Sellers will pick your contract over others. You may also find out that you need to make a few changes before buying a home. You might be able to afford more or less than you thought. Maybe your spending is too out of control.

Contact us when you are ready to find the perfect home for you!