Why Should I Get Preapproved Right Away?

Shopping for a home before getting pre-approved for a mortgage is the equivalent of walking into a grocery store without a wallet. Yet, the vast majority of homebuyers don’t get a loan preapproval for the house hunt.

Buyers often are eager to start looking at homes and tend to leave what they view as the boring, bureaucratic part of the home buying process for last. But in this competitive market, any serious buyer should pursue a preapproval from a lender in advance to beginning a home search.

Less than 10 percent of buyers who get a mortgage get loan pre-approvals, according to Home Mortgage Disclosure Act data compiled by LendingPatterns.com.

No pre-approval, no accepted offer.

Real estate and loan professionals know it’s common to come across buyers who skip the pre-approval process. Many agents and sellers reject offers from buyers who don’t have pre-approval letters from their banks.

You want to have a pre-approval and it must be a real pre-approval where the lender has verified not just your credit, but bank statements, and tax returns.

Once you have the pre-approval, you’ll KNOW your BUYING POWER.

Once you have the pre-approval, you can shop with confidence knowing you can afford the homes you are viewing with your agent. Complete peace of mind. Even if you are declined, they will tell you EXACTLY what you need to do to get pre-approved in the future.

Credit Report Errors and “Time is of the Essence”

There are upwards of 40 million errors on credit reports. You need to have time to fix that if you happen to be one of them. When you find the house that you want, you may not have time to get pre-approved and if somebody else has it for the home you want, there’s little chance the seller is going to look at your offer.

Here’s the contact information to several mortgage bankers I have seen firsthand do great work for my clients. Give ’em a call today, you have absolutely nothing to lose. As always, please call me or email me if you have any questions or comments. GOOD LUCK!!

Let me know how it goes!

Here are the mortgage bankers I recommend most to work with. They are each hard working, local (they understand the PA market extremely well which can be instrumental in a deal) and my clients constantly give them the highest praise.