Home Loan Pre-Approval Benefits
The benefits of buyer’s loan pre-approval are without question. Pre-approval is good for the buyers, the sellers and the agents. It saves time, money and removes the uncertainty of knowing whether the buyer is qualified. The direct benefits include:
- Amount the buyer can borrow decreases as interest rates rise
- Looking at “Right” homes – price, size, amenities, location
- Find the best loan – rate, term, type
- Uncover credit issues early – time to cure possible problems
- Bargaining power – price, terms, & timing
- Close faster – verifications have been made
There a big difference in sitting down with a trusted mortgage professional compared to going through calculators on a website. The cost of being pre-approved is a bargain and generally, limited to the cost of the credit report.
Even if you have been pre-approved for a home loan, it might be a good idea to get a second opinion from a different lender. It will either verify that you have a good deal or you’ll discover that you can improve it. Either way, it works to your advantage. Contact me if you’d like a recommendation.
