Home buyers and want-to-be- home buyers, this post is specifically for YOU. Getting pre-approved is one of the very first steps in the home buying process. But what is a pre-approval? Straight from Freddie Mac: “A pre-approval is an indication from your lender that they are willing to lend you a certain amount of money to buy your future home. . . . ”
This is KEY for when you are wanting to purchase a home because it lays the foundation of…well, the whole home buying process. You will find out what you CAN afford and what you WANT to afford. You will find out what type of loan you qualify for, you’ll see what the terms and conditions are as well. Your lender will base all this on your credit score, your wages, and your debt to income ratio.
Your buyer’s agent (pick us!) will also need your pre-approval letter to write up your offer to purchase on your dream home. This will show the home seller you’ve done your due diligence and are qualified to purchase a home. You’re a serious home buyer making a serious offer and you have the lender issued pre-approval letter to prove it.
Not sure where to begin with getting your pre-approval letter? No problem! At Elysian Realty, we are happy to help! We love working with home buyers and would love the chance to earn your business! Buying a home, whether it’s you’re a first time home buyer or a seasoned home buyer, is a huge financial decision, and our expert real estate agents are HERE FOR YOU!