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Benefits of Buyer's Pre-Approval

Getting pre-approved is the first step in the homebuying process. It make sense for everyone involved and can mean the difference between getting your dream home or not.

The benefits of buyer's pre-approval are without question; it is good for the buyers, the sellers and the agents. It saves time, money and removes the uncertainty of knowing whether the buyer is qualified.

The direct benefits include: Amount the buyer can borrow decreases as interest rates rise. Looking at "Right" homes - price, size, amenities, location. Finding the best loan - rate, term, type. Uncovering credit issues early - time to cure possible problems. Bargaining power - price, terms, and timing. Closing quicker - verifications have been made.

There a big difference in sitting down with a trusted mortgage professional compared to going through calculators on a website. The cost of being pre-approved is a bargain and generally, limited to the cost of the credit report.

Even if you have been pre-approved, a suggestion that can't hurt but may help is to get a second opinion from a different lender. It will either verify that you have a good deal or you’ll discover that you can improve it. Either way, it works to your advantage. Contact me if you'd like a recommendation.

This post is contributed by a community member. The views expressed in this blog are those of the author and do not necessarily reflect those of Patch Media Corporation. Everyone is welcome to submit a post to Patch. If you'd like to post a blog, go here to get started.

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