Often I engage with buyers who are enthused and passionate about purchasing real estate.They have been thinking about it, planning, and then one day they are ready to look at houses. The drive is powerful, as they have finally allowed themselves permission to start looking after months and/or years of planning. While this is exciting, it is important to realise the danger of stumbling upon your ultimate dream home prior to being pre-approved for a home loan. The message here: Be “Loan Ready” or risk heartbreak.
In today’s market being pre-approved is especially important as many listings are selling quickly. With limited homes for sale and an abundance of buyers, sellers are especially discerning when considering offers that include loan contingencies. Therefore, an offer that has a pre-approval letter vs a pre-qualification will have an advantage.
Give yourself a chance and don’t put yourself in a position of heartbreak. Finding your dream home can happen when you least expect it. Make sure you have gone through the FULL process of getting pre-approved for a home loan before viewing homes. Notice I did not say “pre-qualified”. The prequalification process is a simple phone call, credit check, and loan application. A loan Pre-Approval means the lender has obtained and verified all of the documentation needed from you. Providing the needed documentation is often overwhelming, yet worth the effort. Having a Pre-Approval allows you piece-of-mind and signifies to the Seller of the home you are putting an offer on that you are a serious Buyer. When talking with a lender, make sure they know that you want a Pre-Approval and not ‘just’ a prequalification.
Are you considering a move to Arizona? Be “Loan Ready” or risk heartbreak. Do you need a reputable lender referral? If so, contact Dennis Carr, Phoenix Area Realtor at 480.825.2870.