This is Why You Should Get Pre-Approved for a Home Loan

There are several advantages that you can get from being pre-approved for a home loan early on in your home search. You will also understand that getting a pre-approved home loan is the best way to make your entire home buying process simple and easy.

Know Exactly Which Homes to Tour

Having a set amount ahead of time will help you in getting the right type of search underway. You can start your search based on the amount that you have been pre-approved for. Some home buyers will choose to use their home loan on the down payment only, but you can also use it as part of your monthly mortgage payments.

Have an Advantage Over the Competition

Being pre-approved also gives you an advantage over many other buyers. Sellers appreciate buyers who have taken the time to get a loan. It shows that they are serious but also that they have really given home buying a lot of detailed thought. They may feel more comfortable dealing with home buyers that are pre-approved.

Don't Waste Anyone's Time -- Including Your Own

One of the biggest benefits that you will find from pre-approval is that you will not waste time during your home search. You have an amount and can search by that criteria. It also makes the closing process go faster as well. There is no need to find a home loan because you already have one and a method for making your down payment.

Leverage the Pre-Approval for Negotiating Price

Stating that you have a pre-approved loan also makes for a great tool in negotiating. Since you have the money readily available, a seller, who is trying to sell their home quickly, may be more willing to negotiate because they know that you already have a method of payment ready.

Final Thoughts

If you are in it to win it (serious about buying a home right away), get pre-approved for a mortgage before you even look at homes. This way you will be educated on what homes you should look at, have an advantage over any competing home offers that don't have a pre-approval, place value on everyone's precious time, and be able to negotiate fairly. Take the next step and get pre-approved today.