Pre-approval can be a game-changer in a fast-paced market, and here’s why.
Here in the Triangle area, we’re operating in a seller’s market, which means that there’s a lot more competition, and the chances of you as a buyer finding yourself in a multiple-offer scenario are high. Here’s why we advise buyers to get pre-approved as soon as possible in a market like this:
1. Peace of mind. Doing your homework upfront allows you to get a recommended price to focus on as you shop for your next place to call home. It also allows the lender to pull your credit and see if there are any issues you need to work on immediately.
2. Loan options. A great mortgage planner will go over the many loan options and programs that are available to you. In many cases, they can save you money by showing you certain programs you’d never otherwise know you qualify for.
3. Becoming ‘a real buyer.’ When you finally get that piece of paper that says you’re pre-approved, it communicates to a seller that you’ve done your homework, you’re serious, and you’re ready to move the process forward. This certainty naturally makes you more attractive to sellers, and when you’re competing in a multiple-offer situation, it can sometimes be the difference between hearing a ‘yes’ and a ‘no.’
4. Easy deal. If you get pre-approved by a good lender who also advance underwrites your file, your process from contract to close will be a much smoother one.
If you’re about to enter the market as a buyer, we’d love to help you find a great lender and also serve as your trusted Realtor. If you’d like to get that process started, or if you simply just want some questions answered, reach out via phone or email at any time. We’re here to help!