Are you thinking of shopping for homes? You need to get a pre-approval letter first—here’s why.
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There’s some great news for buyers in our market right now—The average mortgage rate has been dropping the past few months, and it’s almost 1% lower than it was during the winter of 2018. The sound of that might make you ready to shop for a home, but before you do, remember to get pre-approved first.
In fact, there are several ways a pre-approval letter will benefit you as a buyer.
First of all, it helps you better understand what your monthly mortgage payment will be.
“If you want to get pre-approved, give us a call and we’d be happy to connect you with a good lender.”
Secondly, it gives you a good evaluation from a lender’s perspective.
Lastly, it gives sellers more confidence in your offer. Recently, we listed a home that fielded multiple offers, and the one that ended up winning had a smaller down payment compared to the others, but the buyer had a strong pre-approval letter and could show that they could close quickly and without issue. In that way, a good pre-approval letter helps both the buyer and the seller.
If you want to get pre-approved, give us a call and we’d be happy to connect you with a good lender.
If you have any more questions about this or any other real estate topic, don’t hesitate to reach out to me. I’d love to help you.
