Wondering why people who are pre-approved through a reputable local lender are so happy when they are looking for a home? The joy of being pre-approved that’s why! Here are 4 ways that being pre-approved can make the home buying experience much more enjoyable for you and your family.
1. Freedom! The freedom to look at homes knowing you have the financing already handled releases a huge weight off of your shoulders. It gives you confidence knowing a local financial institution will back your decision to buy a new home.
2. Negotiating Power! When you make an offer on a home while being pre-approved through a reputable local lender it puts you ahead of the pack. Say there is a multiple offer situation where you are up against two other people who wish to purchase the same home as you. Let’s say one of the others is pre-approved through a lender that the owner and owner’s agent have never heard of, and the third person is not pre-approved at all. You just jumped to the front of the line! People feel more comfortable accepting offers from buyers that are pre-approved with local lenders, period.
3. Getting the Home You Want! I’ve seen it happen all too often where a person finds their dream home only to have someone else buy it before they can because they were not pre-approved. It’s a heartbreaking experience to lose a home to this, and it takes some a long time to recover from this experience.
4. Confidence and Comfort! A pre-approval allows you to look at homes that are in your comfort zone, and it gives you confidence knowing that you are looking at the right homes. There is no better feeling for you than to walk into a home, say this is the one, and know that you can make it yours!
Here are four of the ways a pre-approval can make the home buying experience a much more pleasurable experience for you and your family. Hopefully they are motivating enough for you to go get pre-approved with a reputable local lender before finding the home of your dreams.