To begin the process of mortgage pre-approval, just contact Beverly Sims at Sims Realty, LLC. Below is some information about mortgage pre-approval.
What does mortgage pre-approval mean?
Mortgage pre-approval is a commitment from a lender to provide you with home financing up to a certain loan amount—basically, the stamp of approval that you have the money, credit history, and other credentials to buy a home up to that price.
What does mortgage pre-approval mean? It means a lender has guaranteed to give you a home loan. Getting pre-approved for a mortgage before you make an offer on a house can help you stand out from the sea of other home buyers in a competitive housing market. Here’s why mortgage pre-approval matters, and how it can give you an edge when shopping for a home.
How getting mortgage pre-approval helps you buy a home
When sellers accept an offer, they want the deal to go through. However, if the buyer isn’t pre-approved for a loan, this can put the whole deal in jeopardy—because if the loan doesn’t get approved, the buyer will likely be unable to follow through.
A pre-approval provides that extra measure of security to a seller that you are both willing and able to buy the house. As a result, sellers will likely pick you as a buyer over someone without pre-approval since you’re a sure thing, and they won’t have to hold their breath that the deal might not go through.
Bottom line: Getting a mortgage pre-approval gives you a head start on the competition, and allows you to shop for your dream home with confidence.
To begin the process of mortgage pre-approval, just contact Beverly Sims at Sims Realty, LLC.
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