“Should I get pre-approved for a mortgage before house shopping?”
The is a common question that Orange County Realtors hear from their clients and potential clients on a regular basis, and the answer is yes, especially when you consider what getting pre-approved for a mortgage loan can do for you.
Four Reasons for Getting Pre-Approved For a Mortgage
1. Buying Power – By getting pre-approved you will know exactly how much home you can afford and not set you or a seller up for disappointment by trying to buy a home that you can’t really afford.
2. Speed – A mortgage pre-approval means you will be able to move quickly by placing an offer on a home that you really love and not risk losing that home because, you haven’t been pre-approved for a mortgage yet.
3. Seller Confidence – Sellers want to deal with buyers who have been pre-approved for mortgages because, they can have confidence that the buyer can and will be able to buy their home because, they’ve been approved for a mortgage loan compared to other buyers who haven’t been pre-approved before house shopping.
4. Lender Confidence – If you plan on buying a bank owned home it’s important to be pre-approved for a mortgage because bank owned homes typically require verification of loan approval to be included when an offer is submitted.
Hire a Great Listing Agent
Once you’ve been pre-approved for a mortgage loan the next step towards finding a home for sale in Orange County or the part of the country that you live is to hire a great listing agent to represent you.
In this competitive 2013 Real Estate market it’s important for buyers to be more prepared compared to previous years because, homes are selling quickly and buyers should have all of their “ducks” lined up in a row before searching for a home.
To learn more about the importance of getting pre-approved for a mortgage loan, or to view the latest Orange County homes for sale, contact Fred Sed & Associates today by calling us at (949) 272-0125.