Get Preapproved

Get preapproved first!  While visiting with some first-time buyers the other day, I was asked why they needed to get preapproved if they know they can get a loan.  The answer is quite simple:  you may know you’re good for it, but the seller does not.  The seller is going to want some proof that the buyer will be able to fulfill their end of the contract.  While a preapproval letter isn’t fool proof, it gives the seller at least some assurances.  There’s also the angle from my role as a real estate broker.  I want to know that a buyer can afford the types of homes we’re going to view.  It doesn’t do the buyer, me, or the sellers any good if we start looking at homes that the buyer ultimately cannot afford.  A serious buyer needs to take time to talk with a reputable lender to learn which loan product is right for them and what they can afford.  It’s among the very first steps to take in the home buying process.  If you need a referral to a lender, I can help you out.

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