Mortgages in themselves can be a daunting process, but the preapproval process may make your house hunt smoother.
The fastest way to move house is to have a preapproval letter in hand before you even start looking at home listings! Although the preapproval process can take preparation and patience, being preapproved can make you more attractive to sellers who want to speed up the home-buying/selling process. This is ideal is you are competing with other buyers!
Most agents require buyers to get prequalified in order to purchase a home, but do note, being prequalified is different to preapproved! The prequalification process is much quicker as you provide information to your lender and you can view homes that you can realistically afford. This strengthens your position as a buyer, so it is worth taking the time to complete this process.
There are huge benefits to your mortgage preapproval! Although it takes longer than prequalification and it scrutinizes your credit, it provides you with an actual dollar amount that your mortgage is approved for, and could suggest what interest rate you’ll receive. Alongside this, any offer that you make will not have to be contingent on financing!
Getting a mortgage preapproval can mean that there is an expiration date in which you may feel rushed to find a house and make an offer. However, once you find that perfect home, you won’t have to wait for approvals and paperwork! This can shave months off the transition period!
For more information on the process, talk to a California home loan expert who can help you get the financing you need! Contact Andraya Coulter. I serve Walnut Creek, and all of Northern California and I can help you buy your perfect home this year!